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$2,950,000
Est. payment /mo
14 Beds
14 Baths
9,437 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 9,437 sqft
Price per Sqft $312
MLS Listing ID 26901565
Bedrooms 14
HOA Y/N No
Year Built 1946
Lot Size 8,145 Sqft
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.
Location
State CA
County Los Angeles
Area 5 - Wrigley Area
Zoning LBR2N
Interior
Heating None
Cooling None
Fireplace No
Exterior
Parking Features Driveway
Total Parking Spaces 14
Building
Entry Level Multi/Split
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 7209026017
Special Listing Condition Standard
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Listed by Taylor Avakian Lyon Stahl Investment Real Estate, Inc. #02060040
NEARBY SCHOOL & BUSINESS
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