1951 Chestnut Street is a vintage asset featuring 36 studio units. 16 of the 36 units have been gutted and have undergone high-end renovations completed with permits by the current ownership. These unit renovations include an open floor-plan, updated electrical and plumbing, new kitchens with stainless steel appliances, quartz countertops, and dishwashers, new bathrooms, new hardwood floors, in-unit washer/dryers, new wall furnaces, crown molding and new dual-pane windows. In addition, the building has undergone a seismic retrofit, the roof was replaced, common areas have new light fixtures and new carpet, a new automatic security gate was installed and the entire exterior has recently been painted. While there have been significant upgrades completed at the property, there is still a tremendous amount of opportunity to create value and increase rental income as more than 55% of the units are in original condition and are currently rented out significantly below market rate.
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Listing Courtesy ofCBRE