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(323) 864-4211
Linda Roth Burrell
1940 Chestnut Ave, Long Beach, CA 90806
- $2,950,000
- 14
- BD
- 14
- BA
- 9,437
- SqFt
- List Price
- $2,950,000
- Price Change
- ▼ $175,000 1792160336
- MLS#
- 26901565
- Year Built
- 1946
- Bedrooms
- 14
- Bathrooms
- 14
- Living Sq. Ft
- 9,437
- Lot Size
- 8,147
- Days on Market
- 58
- Property Type
- Multifamily
Property 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 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.
Additional Information
- Other Buildings
- None
- Heat
- None
- Cooling
- None
- Number of Cars in Garage
- Driveway
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Courtesy of Lyon Stahl Investment Real Estate, Inc., Taylor Avakian - CA DRE#02060040
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