Long Beach Multifamily Investment
For Sale
$2,800,000
1070 Chestnut Avenue, Long Beach, CA 90813
12-unit multifamily property in Long Beach's Willmore Historic District.
Property Size6,480 SF
Price / SF$432.10
Days on Market329
Property Features for 1070 Chestnut Avenue
General Information
Standard status
Active
Size
6,480 SF
Total Parking Spaces
6
Property subtype
Residential Income / Condominium
Zoning
Assessor
Net Operating Income
$165,291
Building Details
Year Built
1956
Buildings
1
Units
12
Listing Agency:
Keller Williams Realty Downey
Listed By:
Robert Stepp · License #01456379
(310) 774-3740
Source:
Compass
Added: Nov 27, 2025
Changed: Oct 16
Last Checked: Oct 21 at 12:05AM
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 Keller Williams Realty Downey
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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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$137,255
Cap Rate
4.90%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,745,100
$2.7M
Cap Rate 7%
$1,960,786
$2.0M
Cap Rate 9%
$1,525,056
$1.5M
Market Conditions
NOI Build-Up for 6,480 SF
Gross rent
$260.5K $40.20/SF
− Vacancy
−$10.9K −$1.69/SF
EGI
$249.6K $38.51/SF
− OpEx
−$112.3K −$17.33/SF
NOI
$137.3K $21.18/SF
Area
ZIP 90813
Vacancy
4.20%
Lease Rate
$40.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,745,100
Cap Rate 7%
$1,960,786
Cap Rate 9%
$1,525,056
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 authorities.
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Location Intelligence
Trade Area within ½ mile
2,854
Businesses Nearby
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Business Placement
Demographics for 90813, CA
54,565
Population
18,603
Households
2.9
Avg Household Size
32
Median Age
16%
College-Educated
63%
High-School Grad
3.1 sq mi
ZIP Area
17,602
Density / Sq Mi
$50,302
Median Household Income
$31,450
Median Earnings
$1,578
Median Rent
$543,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
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.
