Renovated Six-Unit Apartment
For Sale
$1,550,000
943 Chestnut Avenue, Long Beach, CA 90813
Two buildings provide updated interiors, shared outdoor areas, and community laundry.
Property Size4,344 SF
Lot Size0.17 Acres
Price / SF$356.81
Days on Market11
Property Features for 943 Chestnut Avenue
General Information
Standard status
Active
Size
4,344 SF
Total Parking Spaces
6
Lot size
0.17 Acres
Property subtype
General Commercial
Occupancy
100%
Site & Location
Road Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$18,723
Amenities
barbecue area
common patio
courtyard
terrace
Juliet viewing balcony
community laundry room
front patio areas
Window/Wall Unit
3
Carbon Monoxide Detector, Dryer, Washer
Tile, Tar Gravel, Bituthene
6 Parking Spaces.
Rectangular, Level
50x150
Back Yard, Front Yard, Park. Level, Rectangular.
Building Details
Year Built
1919
Buildings
2
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty
(310) 802-5700
Listed By:
Sam Xavier
Source:
Xome
Added: Aug 23
Changed: Sep 2
Last Checked: Sep 1 at 2:46PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
Located at 943 Chestnut Avenue in Long Beach, this multifamily property contains six apartment units across two buildings and 4,344 square feet of living space. The 1919 property includes 12 bedrooms and updated kitchens and bathrooms with newer cabinetry, granite countertops, gas stoves, refrigerators, and breakfast bars. Dual-pane windows and ceramic tile flooring are installed throughout the apartments, while wall heaters serve each unit and some units also have window air conditioning.
Shared amenities include a community laundry room, barbecue area, patio, courtyard, terrace, Juliet balcony, and front outdoor spaces. The property also includes six parking spaces and a common driveway accessed from 10th Street. Its Long Beach location provides access to Downtown Long Beach, shopping, dining, employment centers, public transportation, and major transportation corridors.
Shared amenities include a community laundry room, barbecue area, patio, courtyard, terrace, Juliet balcony, and front outdoor spaces. The property also includes six parking spaces and a common driveway accessed from 10th Street. Its Long Beach location provides access to Downtown Long Beach, shopping, dining, employment centers, public transportation, and major transportation corridors.
Key Highlights
- Six apartment units arranged in two buildings
- 4,344 square feet of multifamily living space with 12 bedrooms
- Updated kitchens and bathrooms with granite countertops and newer cabinetry
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
$92,012
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
5.94%
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%
$1,840,240
$1.8M
Cap Rate 7%
$1,314,457
$1.3M
Cap Rate 9%
$1,022,356
$1.0M
Market Conditions
NOI Build-Up for 4,344 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
$174.6K $40.20/SF
− Vacancy
−$7.3K −$1.69/SF
EGI
$167.3K $38.51/SF
− OpEx
−$75.3K −$17.33/SF
NOI
$92.0K $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 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%
$1,840,240
Cap Rate 7%
$1,314,457
Cap Rate 9%
$1,022,356
Alternative Uses
Best Use
Apartment 5plus
$1.31M
$1.15M – $1.53M
NOI $92,012 @ 7.0% cap · market cap 5.94%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.43M
$1.25M – $1.66M
NOI $99,846 @ 7.0% cap · market cap 6.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,434
Businesses Nearby
Explore this area
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
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 - Two buildings provide updated interiors, shared outdoor areas, and community laundry.
Where is this apartment building located?
The property is located at 943 Chestnut Avenue Long Beach, CA.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Six apartment units arranged in two buildings; 4,344 square feet of multifamily living space with 12 bedrooms; Updated kitchens and bathrooms with granite countertops and newer cabinetry
