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1940 Chestnut Ave | 14-Unit Stabilized Multifamily in Long Beach. 1946-built asset totaling 9,437 SF on an 8,152 SF lot in an established residential corridor one block from major employment and transit corridors in one of Los Angeles County's most durable rental submarkets. The property features a (10) 2+1 / (2) Studio / (2) 3+2 unit mix averaging 723 SF with separately metered electric - a cost-efficiency advantage in this dense urban environment. Twelve units are currently occupied and eleven of twelve occupied units are below market, with rents averaging $1,899.64/month against market rents of $2,003.57, and two units positioned to lease at market rate with zero capital expenditure. Offered at $2,950,000 ($210,714/unit | $312.60/SF) with a 7.57% in-place cap rate, the real story is what's underneath - an 8.15% pro forma cap and $16,905 in incremental annual NOI as rents mark to market through straightforward execution with no renovation required.
Property Type(s):
Residential Income
| Last Updated | 10/16/2026 | Year Built | 1946 |
|---|---|---|---|
| Community | 5 - Wrigley Area | County | Los Angeles |
Price History
| Prior to Oct 16, '26 | $3,125,000 |
|---|---|
| Oct 16, '26 - Today | $2,950,000 |
Additional Details
| AIR | None |
|---|---|
| AREA | 5 - Wrigley Area |
| HEAT | None |
| LOT | 8146 sq ft |
| LOT DIMENSIONS | 50x163 |
| PARKING | Driveway |
| STORIES | Split/Multi Level |
Location
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Listed with Lyon Stahl Investment Real Estate, Inc.
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