List Price: $3.13M

Listing Status: Active

Original List Price: $3.2M

Days on Market: 33

14 Bedrooms · 14 Bathrooms · 9,437 sq ft

Property Type: ResidentialIncome

Year Built: 1946

Lot Size: 8,147 sq ft

MLS Number: 26901565

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 metering - a 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 $3,125,000 ($223,214/unit | $331.14/SF) with a 7.08% in-place cap rate, the real story is what's underneath - a 7.62% pro forma cap and $16,904 in incremental annual NOI as two market-ready vacant units lease through straightforward execution with no renovation required.

Listing provided by: Taylor Avakian DRE #02060040 310-425-9838 taylor@lyonstahl.com, Lyon Stahl Investment Real Estate, Inc.

Source: CRMLS, MLS #: 26901565

Belmont Brokerage Inc. (DRE #02431308) is not the listing office for this property. We provide buyer representation and consultation. Any “Schedule a Tour” or “Contact” form on this page contacts a Belmont Brokerage agent — not the listing agent above.