1940 Chestnut Ave - Apartments FOR SALE


Long Beach, CA 90806- Wrigley
$3,200,000 USD
916-996-4421
1940 Chestnut Ave, Long Beach, CA for Sale
$3,200,000 USD
Apartments - FOR SALE
1/10
null | 6.88% Cap Rate

1940 Chestnut Ave
Long Beach, CA 90806
Wrigley


OVERVIEW

1940 Chestnut Ave is a fourteen-unit multifamily investment offered at $3,200,000 ($228,571/unit | $339.09/SF) in Long Beach, positioned as a stabilized cash-flow opportunity in an established, renter-focused submarket where consistent occupancy and straightforward acquisition metrics remain attractive for income-focused investors seeking immediate NOI generation. Built in 1946 on an 8,152 SF lot, the property features a balanced unit mix of ten 2+1 units, two studios, and two 3+2 residences across 9,437 SF of building area. Currently, twelve units are occupied and generating $26,595 in monthly rent from close of escrow at a 6.88% in-place cap rate. Rents average $1,899.64 per occupied unit against market rents of $2,003.57 — a modest 5.3% discount. Two units (Units 06 and 08) are positioned at market rent and ready to lease with zero capital expenditure required. This near-market positioning, combined with high occupancy and an established residential corridor, creates a straightforward path to pro forma income through uncomplicated unit turnover with no renovation or capital improvement required. Subject to the Long Beach Rent Stabilization Ordinance, the incoming owner captures rent increases at each vacancy. At full occupancy with the two vacant units leased at market rate, NOI grows from $220,261 to $237,166, delivering a 7.41% pro forma cap rate and a 9.51 GRM. The property's separately metered utilities shift costs to residents, keeping pro forma expenses at just 33.13% of EGI — a lean operating profile. With established operational discipline and a stable tenant base, the asset is well-positioned as a day-one cash-flow investment with strong fundamentals in a supply-constrained rental submarket.

FOR SALE DETAILS

PRICE

$3,200,000 USD

PRICE/SF

$339 USD /SF

# OF UNITS

14

PRICE/UNIT

$228,571

CAP RATE

6.88%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1946

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.19 AC

LAND SF

8,150 SF

ZONING

LBR2N

APN/PARCEL ID

7209-026-017

ASK ABOUT THIS PROPERTY

Taylor AvakianLyon Stahl Investment Real EstateMore Info
916-996-4421

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Taylor AvakianLyon Stahl Investment Real EstateMore Info
916-996-4421

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.