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(949) 431-6892
Real Estate Company
1940 Chestnut Avenue, Long Beach, CA 90806
- $2,950,000
- 14
- BD
- 14
- BA
- 9,437
- SqFt
- List Price
- $2,950,000
- Price Change
- ▼ $175,000 1792160821
- Status
- ACTIVE
- MLS#
- 26901565
- Year Built
- 1946
- Bedrooms
- 14
- Bathrooms
- 14
- Living Sq. Ft
- 9,437
- Lot Size
- 8,147
- Acres
- 0.19
- Days on Market
- 58
- Property Type
- Multifamily
- Stories
- Multi Level
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.
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Additional Information
- Heat
- None
- Cooling Description
- None
- Attached Structure
- Detached
- Number Of Units Total
- 14
Listing courtesy of Listing Agent: Taylor Avakian (taylor@lyonstahl.com) from Listing Office: Lyon Stahl Investment Real Estate, Inc..
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Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.