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1471 Chestnut Ave 5 Unit Apartment Building $1,652,088 CAD ($330,418 CAD/Unit) 6.20% Cap Rate Long Beach, CA 90813
INVESTMENT HIGHLIGHTS
- Convenient location in the Washington neighborhood 1 block from Washington Middle School, currently undergoing a massive $176M reconstruction project.
- Just 7 blocks North of Downtown Long Beach, with ongoing new developments of over $8 billion.
- Excellent transit access only a few blocks to the metro blue line rail station, PCH, and the 710 freeway.
- Over 60% of households within 5 miles are renters with an average household income of over $94,000 (CoStar).
EXECUTIVE SUMMARY
Cheapest full sized 5 unit in the whole city at only $279/square foot. 100% 2 bedroom units: three with 2 baths, two with 1 bath. Average unit size of over 850 square feet. Skip the smaller properties and go straight to commercial positive leverage with rates in the high 5%'s and a 6.2% cap rate on actual rents. Very strong in-place income at 9.8X GRM on actuals with 13% upside to 8.7X GRM and a market cap rate of 7.4%. Electrical main panels and subpanels replaced in 2000. 3 out of 5 units remodeled and leased in the last 2 years. 5 garages in rear for 1:1 parking ratio.
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS Under Contract
| Price | $1,652,088 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $330,418 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.11 AC |
| Cap Rate | 6.20% | Building Size | 4,276 SF |
| Gross Rent Multiplier | 9.81 | No. Stories | 2 |
| No. Units | 5 | Year Built | 1925 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Property Subtype | Apartment | ||
| Zoning | LBR4N | ||
| Price | $1,652,088 CAD |
| Price Per Unit | $330,418 CAD |
| Sale Type | Investment |
| Cap Rate | 6.20% |
| Gross Rent Multiplier | 9.81 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 4,276 SF |
| No. Stories | 2 |
| Year Built | 1925 |
| Opportunity Zone |
Yes |
| Zoning | LBR4N |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+2 | 3 | $2,873 CAD | - |
| 2+1 | 2 | $2,706 CAD | - |
1 1
Walk Score®
Very Walkable (85)
Bike Score®
Very Bikeable (85)
PROPERTY TAXES
| Parcel Number | 7269-040-030 | Total Assessment | $1,668,428 CAD (2025) |
| Land Assessment | $786,994 CAD (2025) | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $881,435 CAD (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
7269-040-030
Land Assessment
$786,994 CAD (2025)
Improvements Assessment
$881,435 CAD (2025)
Total Assessment
$1,668,428 CAD (2025)
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2024
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1471 Chestnut Ave
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