Long Beach Multifamily Investment
1070 Chestnut Avenue Long Beach, CA 90813
1070 Chestnut Avenue, Long Beach, CA, 90813
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For Sale
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12-unit multifamily property in Long Beach's Willmore Historic District.
Property Size6,480 SF
Price / SF$432.10
Days on Market69
Property Features for 1070 Chestnut Avenue
General Information
- Standard status
- Active
- Size
- 6,480 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1956
Listing Agency
Stepp Commercial
(310) 463-2916
Listed by
Robert Stepp · License #CA 01456379
Source
Crexi
Added: May 11 Checked: Jul 17 at 3:35 am
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Stepp Commercial
Investment Insights
Based on property information with market context.
The 12-unit multifamily property at 1070 Chestnut Avenue is located in the Willmore Historic District submarket of Long Beach, California. The property features twelve 1-bedroom, 1-bath units, offering a functional and consistent unit mix with a combination of original character and select interior upgrades. The property has benefited from several recent capital improvements, reducing near-term maintenance exposure and enhancing operational stability. These include a new roof, windows, and upgraded electrical system, Line-X sewer line replacement, recently installed individual water heaters, and upgraded wall-mounted furnaces in select units. Each unit is individually metered for gas and electricity and features its own water heater, supporting efficient utility management and expense control. The asset produces stable, reliable cash flow, with a majority of tenants participating in subsidized housing programs through the Housing Authority of the City of Los Angeles and the Housing Authority of the City of Long Beach. Additional income is generated through on-site laundry facilities. The property offers multiple avenues for further revenue growth, including income from six rear parking spaces and ADU potential in the rear parking area. Each unit has a separate APN, creating the potential for future individual condominium sales. The property benefits from convenient access to major transportation corridors, including the nearby 710 Freeway, providing connectivity to employment centers throughout Long Beach and greater Los Angeles. The property size is 6480 square feet.
Key Highlights
- Stable, reliable cash flow due to subsidized housing participation, mitigating vacancy risks.
- Recent capital improvements including a new roof, windows, upgraded electrical, sewer line replacement, and individual water heaters reduce near‑term maintenance costs.
- Potential for increased revenue through parking fees, ADU development, and future condominium conversion.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $260.5k | $40.20 |
| − Vacancy | −$10.9k | −$1.69 |
| EGI | $249.6k | $38.51 |
| − OpEx | −$112.3k | −$17.33 |
| NOI | $137.3k | $21.18 |
6,480 SF · lease $40.20/SF/yr · vacancy 4.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.96M
$1.72M – $2.29M
NOI $137,255 @ 7.0% cap · market cap 4.90%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.13M
$1.86M – $2.48M
NOI $148,941 @ 7.0% cap · market cap 5.32%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
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FAQs
What type of property is this?
Apartment building - 12-unit multifamily property in Long Beach's Willmore Historic District.
Where is this apartment building located?
The property is located at 1070 Chestnut Avenue Long Beach, CA.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: Stable, reliable cash flow due to subsidized housing participation, mitigating vacancy risks.; Recent capital improvements including a new roof, windows, upgraded electrical, sewer line replacement, and individual water heaters reduce near‑term maintenance costs.; Potential for increased revenue through parking fees, ADU development, and future condominium conversion.
