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' most durable rental submarkets. The property features a (10) 2+1 / (2) Studio / (2) 3+2 unit mix averaging 674 SF with separate utility meteringa 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 $3,200,000 ($228,571/unit | $339.09/SF) with a 6.88% in-place cap rate, the real story is what's underneatha 7.41% pro forma cap and $17,460 in incremental annual NOI as two market-ready vacant units lease through straightforward execution with no renovation required.

Neighborhood

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

Listing courtesy of Lyon Stahl Investment Real Estate, Inc.

Listing data from CRMLS. Deemed reliable but not guaranteed.