1940 Chestnut Ave 14 Unit Apartment Building $3,200,000 ($228,571/Unit) 6.88% Cap Rate Long Beach, CA 90806

1940 Chestnut Ave is a fourteen-unit multifamily investment offered at $3,200,000 ($228,571/unit | $339.09/SF) in Long Beach, positioned as a stabilized cash-flow opportunity in an established, renter-focused submarket where consistent occupancy and straightforward acquisition metrics remain attractive for income-focused investors seeking immediate NOI generation. Built in 1946 on an 8,152 SF lot, the property features a balanced unit mix of ten 2+1 units, two studios, and two 3+2 residences across 9,437 SF of building area. Currently, twelve units are occupied and generating $26,595 in monthly rent from close of escrow at a 6.88% in-place cap rate. Rents average $1,899.64 per occupied unit against market rents of $2,003.57 — a modest 5.3% discount. Two units (Units 06 and 08) are positioned at market rent and ready to lease with zero capital expenditure required. This near-market positioning, combined with high occupancy and an established residential corridor, creates a straightforward path to pro forma income through uncomplicated unit turnover with no renovation or capital improvement required. Subject to the Long Beach Rent Stabilization Ordinance, the incoming owner captures rent increases at each vacancy. At full occupancy with the two vacant units leased at market rate, NOI grows from $220,261 to $237,166, delivering a 7.41% pro forma cap rate and a 9.51 GRM. The property's separately metered utilities shift costs to residents, keeping pro forma expenses at just 33.13% of EGI — a lean operating profile. With established operational discipline and a stable tenant base, the asset is well-positioned as a day-one cash-flow investment with strong fundamentals in a supply-constrained rental submarket.