Two-Story Walk-Up Multifamily
For Sale
$3,697,000
444 Chestnut Avenue, Long Beach, CA 90802
19-unit walk-up multifamily with remodeled interiors and onsite basement laundry blocks from Downtown Long Beach.
Property Size11,928 SF
Price / SF$309.94
Days on Market226
Property Features for 444 Chestnut Avenue
General Information
Standard status
Active
Size
11,928 SF
Property subtype
Multi-family
Zoning
Historic District
Additional Details
Cap Rate
6.4%
Multifamily Units
19
Building Details
Year Built
1927
Year Renovated
2019
Stories
2
Tenancy
Multi
Listing Agency:
The Agency
Listed By:
Jonathan Swire
(714) 497-3550
Source:
Sevengables
Added: Dec 30, 2025
Changed: Aug 13
Last Checked: Aug 12 at 4:11AM
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 The Agency
Investment Insights
Based on property information with market context.
This two-story, walk-up multifamily property offers 19 residential units with a unit mix of studios, one-bedroom, and two-bedroom homes. The seller reports that all units were completely redone in 2018–2019, including interior hallway renovations. Additional capital improvements cited in the remarks include a new water heater in 2023 and replacement of over 100 feet of sewer line. Onsite laundry is available in the basement, and the building is master-metered for utilities.
The property is located in the Historic District and is described as being blocks from Downtown Long Beach, including the area around Pine Avenue with bars and restaurants. The building has no onsite parking; however, parking structures within blocks are described as available for tenant rental.
For tenants and operators, the combination of updated unit interiors, professionally managed ownership, and on-site laundry supports a straightforward residential experience. The current unit count and studio-to-two-bedroom mix can provide flexibility for leasing, while the master-metered setup may be a consideration for buyers evaluating utility management. The listing notes that qualified buyers may request additional information, including a rent roll.
The property is located in the Historic District and is described as being blocks from Downtown Long Beach, including the area around Pine Avenue with bars and restaurants. The building has no onsite parking; however, parking structures within blocks are described as available for tenant rental.
For tenants and operators, the combination of updated unit interiors, professionally managed ownership, and on-site laundry supports a straightforward residential experience. The current unit count and studio-to-two-bedroom mix can provide flexibility for leasing, while the master-metered setup may be a consideration for buyers evaluating utility management. The listing notes that qualified buyers may request additional information, including a rent roll.
Key Highlights
- 19‑unit two‑story walk‑up multifamily (built 1927) blocks from Downtown Long Beach on Pine Ave with a Walk Score of 95
- Unit mix includes studio, 1- and 2‑bedroom apartments; interiors, plus interior hallways, completely redone in 2018/2019
- Over $400K spent on CAP EX; new water heater installed in 2023 and over 100 ft of sewer line replaced
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$228,105
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.17%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,562,100
$4.6M
Cap Rate 7%
$3,258,643
$3.3M
Cap Rate 9%
$2,534,500
$2.5M
Market Conditions
NOI Build-Up for 11,928 SF
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.
Gross rent
$436.6K $36.60/SF
− Vacancy
−$21.8K −$1.83/SF
EGI
$414.7K $34.77/SF
− OpEx
−$186.6K −$15.65/SF
NOI
$228.1K $19.12/SF
Area
Long Beach, CA
Vacancy
5.00%
Lease Rate
$36.60 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,562,100
Cap Rate 7%
$3,258,643
Cap Rate 9%
$2,534,500
Alternative Uses
Best Use
Apartment 5plus
$3.26M
$2.85M – $3.80M
NOI $228,105 @ 7.0% cap · market cap 6.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.39M
$5.59M – $7.45M
NOI $447,034 @ 7.0% cap · market cap 12.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
19
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
5,234
Businesses Nearby
Explore this area
Business Placement
Demographics for 90802, CA
41,686
Population
25,055
Households
1.7
Avg Household Size
37
Median Age
44%
College-Educated
88%
High-School Grad
6.5 sq mi
ZIP Area
6,413
Density / Sq Mi
$72,152
Median Household Income
$52,011
Median Earnings
$1,855
Median Rent
$546,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 19-unit walk-up multifamily with remodeled interiors and onsite basement laundry blocks from Downtown Long Beach.
Where is this apartment building located?
The property is located at 444 Chestnut Avenue Long Beach, CA.
What is the asking price?
The asking price for this property is $3,697,000.
What are key features of this property?
This property features: 19‑unit two‑story walk‑up multifamily (built 1927) blocks from Downtown Long Beach on Pine Ave with a Walk Score of 95; Unit mix includes studio, 1- and 2‑bedroom apartments; interiors, plus interior hallways, completely redone in 2018/2019; Over $400K spent on CAP EX; new water heater installed in 2023 and over 100 ft of sewer line replaced
