14-Bedroom Residential Income - 1940 Chestnut Avenue, Long Beach, CA

$3,125,000

1940 Chestnut Avenue, Long Beach, CA

1940 Chestnut Avenue, Long Beach, CA 90806 - $3,125,000 · 14 bd 14 ba Multi-Family Home for Sale, photo 3

1940 Chestnut Avenue, Long Beach, CA 90806 - $3,125,000 · 14 bd 14 ba Multi-Family Home for Sale, photo 4

1940 Chestnut Avenue, Long Beach, CA 90806 - $3,125,000 · 14 bd 14 ba Multi-Family Home for Sale, photo 5

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Description

1940 Chestnut Ave | 14-Unit Stabilized Multifamily in Long Beach. 1946-built asset totaling 9,437 SF on an 8,152 SF lot in an established residential corridor one block from major employment and transit corridors in one of Los Angeles' most durable rental submarkets. The property features a (10) 2+1 / (2) Studio / (2) 3+2 unit mix averaging 674 SF with separate utility metering - a cost-efficiency advantage in this dense urban environment. Twelve units are currently occupied and every occupied unit is below market, with in-place rents averaging $1,899.64/month against market rents of $2,003.57, and two units positioned to lease at market rate with zero capital expenditure. Offered at $3,125,000 ($223,214/unit | $331.14/SF) with a 7.08% in-place cap rate, the real story is what's underneath - a 7.62% pro forma cap and $16,904 in incremental annual NOI as two market-ready vacant units lease through straightforward execution with no renovation required.

Property details

Bedrooms

Bathrooms

Square feet

9,437

Year built

1946

Property type

Residential Income

Lot size

8,147 sqft

Location

1940 Chestnut Avenue • Long Beach, CA 90806

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Listed by

Taylor Avakian · Lyon Stahl Investment Real Estate, Inc.

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Closed sales reported in 90806, nearest first, last 12 months. All recent sales in Long Beach →