1940 Chestnut Avenue

About This Property

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 County's most durable rental submarkets. The property features a (10) 2+1 / (2) Studio / (2) 3+2 unit mix averaging 723 SF with separately metered electric - a cost-efficiency advantage in this dense urban environment. Twelve units are currently occupied and eleven of twelve occupied units are below market, with 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 $2,950,000 ($210,714/unit | $312.60/SF) with a 7.57% in-place cap rate, the real story is what's underneath - an 8.15% pro forma cap and $16,905 in incremental annual NOI as rents mark to market through straightforward execution with no renovation required.

Unit Mix

• 1 unit · 0bd / 1ba
• 1 unit · 2bd / 1ba
• 1 unit · 3bd / 2ba

Neighborhood

This property is located in Long Beach. Want to learn more about the area?