14-Unit Apartment
For Sale
Contact for pricing
1940 Chestnut Ave, Long Beach, CA 90813
Established multifamily property with separately metered utilities, a varied unit mix, and two vacant units available for lease-up.
Property Size9,437 SF
Price / SF$294.06
Days on Market67
Property Features for 1940 Chestnut Ave
General Information
Standard status
Active
Size
9,437 SF
Total Parking Spaces
14
Property subtype
Multifamily
Zoning
R-2-N
Occupancy
83%
Investment Type
Stabilized
Net Operating Income
$220,261
Site & Location
Neighborhood
South Wrigley
Utilities to Site
Yes
Units
Unit Mix
10 x 2+1, 2 x studio, 2 x 3+2
Multifamily Units
14
Additional Details
Asking Price
$3,200,000
Building Details
Year Built
1946
Units
14
Tenancy
Multi
Listing Agency:
Lyon Stahl Investment Real Estate
Listed By:
Taylor Avakian · License #CA 02060040
(916) 996-4421
Source:
Crexi
Added: Aug 28
Changed: Oct 30
Last Checked: Nov 1 at 6:22AM
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 Lyon Stahl Investment Real Estate
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Investment Insights
Based on property information with market context.
This 14-unit apartment property was constructed in 1946 and contains 9,437 square feet. The unit mix includes ten 2+1 apartments, two studios, and two 3+2 apartments. Two units are currently vacant, while the occupied units provide an established tenancy profile. Separate utility metering supports straightforward operating administration, and the property’s expense-to-EGI ratio is 33%.
Located at 1940 Chestnut Ave in Long Beach, California, the property is zoned R-2-N. Existing rents are reported at 5.3% below market rates, providing a measurable gap between current and market rent levels. The asset is governed by AB 1482, California’s Tenant Protection Act, with rent increases for existing tenancies capped at 5% plus CPI.
Located at 1940 Chestnut Ave in Long Beach, California, the property is zoned R-2-N. Existing rents are reported at 5.3% below market rates, providing a measurable gap between current and market rent levels. The asset is governed by AB 1482, California’s Tenant Protection Act, with rent increases for existing tenancies capped at 5% plus CPI.
Key Highlights
- 14‑unit apartment property totaling 9,437 SF
- Unit mix includes ten 2+1 units, two studios, and two 3+2 units
- Two vacant units available for lease‑up
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$199,889
Cap Rate
7.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,997,780
$4.0M
Cap Rate 7%
$2,855,557
$2.9M
Cap Rate 9%
$2,220,989
$2.2M
Market Conditions
NOI Build-Up for 9,437 SF
Gross rent
$379.4K $40.20/SF
− Vacancy
−$15.9K −$1.69/SF
EGI
$363.4K $38.51/SF
− OpEx
−$163.5K −$17.33/SF
NOI
$199.9K $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%
$3,997,780
Cap Rate 7%
$2,855,557
Cap Rate 9%
$2,220,989
Alternative Uses
Best Use
Apartment 5plus
$2.86M
$2.50M – $3.33M
NOI $199,889 @ 7.0% cap · market cap 7.20%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$3.10M
$2.71M – $3.62M
NOI $216,908 @ 7.0% cap · market cap 7.82%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
14
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,402
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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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Established multifamily property with separately metered utilities, a varied unit mix, and two vacant units available for lease-up.
Where is this apartment building located?
The property is located at 1940 Chestnut Ave Long Beach, CA.
What is the asking price?
The asking price for this property is $2,775,000.
What are key features of this property?
This property features: 14‑unit apartment property totaling 9,437 SF; Unit mix includes ten 2+1 units, two studios, and two 3+2 units; Two vacant units available for lease‑up
