14-Unit Multifamily Apartment
2175 Chestnut Ave Long Beach, CA 90806
For Sale
$2,600,000
Two-story 1929 building with 14 large studio units, separately metered electric, and five rear parking spaces.
Property Size8,154 SF
Lot Size0.15 Acres
Price / SF$318.86
Days on Market118
Property Features for 2175 Chestnut Ave
General Information
Standard status
Active
Size
8,154 SF
Lot size
0.15 Acres
Property subtype
Multifamily
Listing Agency:
South Bay Office
(310) 706-4328
Listed By:
Blake Talin · License #CA: 02179380
(310) 706-4328
Source:
Marcusmillichap
Added: Apr 4
Changed: Jul 23
Last Checked: Jul 23 at 9:39AM
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 South Bay Office
Investment Insights
Based on property information with market context.
Situated at 2175 Chestnut Ave, this 2-story multifamily property was originally built in 1929 and offers 14 large studio units. The unit mix totals fourteen separate studio apartments, averaging approximately 1,585 square feet each. The building area is approximately 8,154 square feet on a 6,470 square-foot parcel. The property has new electric sub-panels and is separately metered for electricity, and there are five rear parking spaces.
The location is within walking distance to St. Mary Medical Center, as well as restaurants, shopping, and entertainment options in Downtown Long Beach, Pine Avenue, and Shoreline Village. It is also a short drive from California State University, Long Beach, and from dining, retail, and entertainment along Second Street. Easy access to the 405 and 710 freeways supports tenant convenience.
The offering presents an opportunity to acquire a well-maintained residential income asset in the South Wrigley area of Long Beach, backed by strong day-to-day rental demand in the area described in the marketing materials.
The location is within walking distance to St. Mary Medical Center, as well as restaurants, shopping, and entertainment options in Downtown Long Beach, Pine Avenue, and Shoreline Village. It is also a short drive from California State University, Long Beach, and from dining, retail, and entertainment along Second Street. Easy access to the 405 and 710 freeways supports tenant convenience.
The offering presents an opportunity to acquire a well-maintained residential income asset in the South Wrigley area of Long Beach, backed by strong day-to-day rental demand in the area described in the marketing materials.
Key Highlights
- 2‑story, 1929‑built 14‑unit multifamily building with approximately 8,154 SF on a 6,470 SF parcel
- Unit mix: 14 studio units averaging about 585 SF each
- Separately metered electricity plus new electric sub‑panels
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 | $250.5k | $30.72 |
| − Vacancy | −$11.8k | −$1.44 |
| EGI | $238.7k | $29.28 |
| − OpEx | −$107.4k | −$13.17 |
| NOI | $131.3k | $16.10 |
8,154 SF · lease $30.72/SF/yr · vacancy 4.70% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.88M
$1.64M – $2.19M
NOI $131,295 @ 7.0% cap · market cap 5.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.37M
$3.82M – $5.09M
NOI $305,593 @ 7.0% cap · market cap 11.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Two-story 1929 building with 14 large studio units, separately metered electric, and five rear parking spaces.
Where is this apartment building located?
The property is located at 2175 Chestnut Ave Long Beach, CA.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: 2‑story, 1929‑built 14‑unit multifamily building with approximately 8,154 SF on a 6,470 SF parcel; Unit mix: 14 studio units averaging about 585 SF each; Separately metered electricity plus new electric sub‑panels
