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Fairmont Apartments 444 Chestnut Ave 19 Unit Apartment Building $3,699,000 ($194,684/Unit) 6.40% Cap Rate Long Beach, CA 90802
Investment Highlights
- Priced to sell - 9.5 GRM and 6.4% CAP. EARN OVER A 10% CASH ON CASH RETURN AGAINST IN PLACE RENTS.
- EMAIL LISTING AGENT FOR RENT ROLL AND OM.
- Excellent location just blocks from Downtown Long Beach with over $8BB of redevelopment.
- Qualified Buyers can put down as little as 25%.
- All units were completely redone in 2018/2019 and are beautifully remodeled. Update Electrical.
Executive Summary
Priced to sell - 9.5 GRM and 6.4% CAP. EARN OVER A 10% CASH ON CASH RETURN AGAINST IN PLACE RENTS.
19 units located blocks from Downtown Long Beach in the Historic District. All units were completely redone in 2018/2019 and are beautifully remodeled. The interior hallways were redone as well and the Seller spent over $400K on CAP EX. New Water Heater in 2023 and over 100 feet of sewer line replaced. No work remains to be done. The building is a two-story walkup with no onsite parking, however, there are parking structures within blocks that tenants can rent from. The building also features onsite laundry in the basement.
The building offers and excellent unit mix of Studio, 1 and 2 bed units. The property is Professionally Managed and very well maintained and features onsite laundry. It features a Walk score of 95 and is located just blocks from the bars and restaurants in Downtown Long Beach on Pine Ave. The building is master-metered for all utilities and a new owner could implement a RUBS program increasing the returns.
Downtown Long Beach is in the middle of an $8BB Redevelopment with brand new Class A apartments and retail being developed within blocks of this location.
Qualified Buyers can put down as little as 25%. Contact Loan Broker to find out more - Riley Laines - rlaines@momentacg.com -714.916.2810.
EMAIL LISTING AGENT FOR RENT ROLL AND OM.
19 units located blocks from Downtown Long Beach in the Historic District. All units were completely redone in 2018/2019 and are beautifully remodeled. The interior hallways were redone as well and the Seller spent over $400K on CAP EX. New Water Heater in 2023 and over 100 feet of sewer line replaced. No work remains to be done. The building is a two-story walkup with no onsite parking, however, there are parking structures within blocks that tenants can rent from. The building also features onsite laundry in the basement.
The building offers and excellent unit mix of Studio, 1 and 2 bed units. The property is Professionally Managed and very well maintained and features onsite laundry. It features a Walk score of 95 and is located just blocks from the bars and restaurants in Downtown Long Beach on Pine Ave. The building is master-metered for all utilities and a new owner could implement a RUBS program increasing the returns.
Downtown Long Beach is in the middle of an $8BB Redevelopment with brand new Class A apartments and retail being developed within blocks of this location.
Qualified Buyers can put down as little as 25%. Contact Loan Broker to find out more - Riley Laines - rlaines@momentacg.com -714.916.2810.
EMAIL LISTING AGENT FOR RENT ROLL AND OM.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$388,000
|
$32.53
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$388,000
|
$32.53
|
| Net Operating Income |
-
|
-
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $388,000 |
| Annual Per SF | $32.53 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $388,000 |
| Annual Per SF | $32.53 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
| Price | $3,699,000 | Apartment Style | Low-Rise |
| Price Per Unit | $194,684 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 6.40% | Building Size | 11,928 SF |
| Gross Rent Multiplier | 9.5 | Average Occupancy | 100% |
| No. Units | 19 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1927/2020 |
| Property Subtype | Apartment | ||
| Zoning | LBR4N | ||
| Price | $3,699,000 |
| Price Per Unit | $194,684 |
| Sale Type | Investment |
| Cap Rate | 6.40% |
| Gross Rent Multiplier | 9.5 |
| No. Units | 19 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 11,928 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1927/2020 |
| Zoning | LBR4N |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 11 | - | 550 |
| 1+1 | 7 | - | 700 |
| 2+1 | 1 | - | 1,000 |
1 1
Walk Score®
Walker's Paradise (95)
Transit Score®
Excellent Transit (74)
Bike Score®
Very Bikeable (86)
Property Taxes
| Parcel Number | 7280-011-008 | Improvements Assessment | $1,591,812 |
| Land Assessment | $2,865,261 | Total Assessment | $4,457,073 |
Property Taxes
Parcel Number
7280-011-008
Land Assessment
$2,865,261
Improvements Assessment
$1,591,812
Total Assessment
$4,457,073
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Fairmont Apartments | 444 Chestnut Ave
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