| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 70th | Poor |
| Demographics | 18th | Poor |
| Amenities | 47th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1959 Chestnut Ave, Long Beach, CA, 90806, US |
| Region / Metro | Long Beach |
| Year of Construction | 1987 |
| Units | 22 |
| Transaction Date | 2012-06-21 |
| Transaction Price | $2,645,026 |
| Buyer | MSGS & ASSOCIATES LLC |
| Seller | FDIC |
1959 Chestnut Ave Long Beach 22-Unit Multifamily Investment
High renter concentration in the immediate neighborhood supports a durable tenant base, with occupancy levels generally stable for the area, according to WDSuite’s CRE market data.
The property sits in Long Beach’s urban core where neighborhood occupancy trends are steady relative to national norms, and the share of housing units that are renter-occupied is notably high. That depth of renter demand can support leasing durability and renewal activity, while the 93.1% neighborhood occupancy rate indicates generally consistent absorption for stabilized assets (neighborhood-level metric, not property-specific), based on CRE market data from WDSuite.
Everyday needs are well covered nearby: grocery access scores competitively (top decile nationally), and restaurants are dense (top percentile), which helps with resident convenience and leasing appeal. At the same time, parks, pharmacies, and cafes are comparatively sparse within the immediate neighborhood, which may temper some lifestyle-driven demand. Average school ratings in the area track below national norms, an operating consideration for family-oriented unit mixes.
Vintage matters here. The average neighborhood construction year trends older (mid-20th century), while this asset’s 1987 construction positions it newer than much of the nearby stock. That can enhance competitive standing versus older buildings and provide a clearer value-add path through targeted interior modernization and systems updates typical of late-1980s assets.
Within a 3-mile radius, household counts have inched up even as total population edged down, indicating smaller household sizes and a shifting renter pool. Looking ahead, forecasts point to continued growth in households over the next five years, which can expand the local tenant base and support occupancy stability. Elevated home values in the neighborhood (top quartile nationally) also signal a high-cost ownership market, which tends to reinforce reliance on rental housing and can sustain demand for well-managed multifamily units. Lease management should still account for rent-to-income affordability pressure in this part of Los Angeles County.
Safety indicators for the neighborhood trend below metro and national averages. The area ranks toward the higher-crime end of the Los Angeles-Long Beach-Glendale metro (near the bottom when compared with 1,441 metro neighborhoods), and it sits in a lower national safety percentile. Investors typically address this through practical measures such as lighting, access control, and vendor coordination, and by aligning underwriting with local operating norms.
Neighborhood-level trends can shift over time, so monitoring recent trajectory alongside property-level incident data is prudent. Comparing performance to peer neighborhoods in the same metro and tracking management initiatives can help calibrate renewal strategies and loss-to-lease assumptions.
Proximity to regional employers supports a broad workforce renter base and commute convenience. Nearby anchors include Molina Healthcare, Air Products & Chemicals, Airgas, Time Warner Business Class, and International Paper’s Cypress Retail Packaging operations.
- Molina Healthcare — healthcare services (1.8 miles) — HQ
- Air Products & Chemicals — industrial gases (2.5 miles)
- Airgas — industrial gases (6.4 miles)
- Time Warner Business Class — telecommunications (9.4 miles)
- INTERNATIONAL PAPER Cypress Retail Packaging — packaging (9.9 miles)
This 22-unit, 1987-vintage asset benefits from a renter-heavy neighborhood and steady area occupancy, providing a foundation for income stability. The property’s newer vintage relative to much of the local stock enhances competitive positioning and creates a straightforward value-add path via unit renovations and selective building system upgrades common to late-1980s construction. Elevated ownership costs in the neighborhood tend to sustain multifamily demand, while a modest increase in households within a 3-mile radius points to a gradually expanding tenant base.
Balanced underwriting should incorporate local affordability pressure and below-average neighborhood safety. Still, leasing fundamentals remain serviceable for well-managed assets, and, according to WDSuite’s commercial real estate analysis, neighborhood occupancy trends compare reasonably against national medians while the renter base remains deep.
- Renter-heavy neighborhood supports depth of tenant demand and renewal potential.
- 1987 vintage is newer than much local stock, creating value-add and modernization upside.
- Elevated ownership costs locally reinforce reliance on rentals, supporting pricing power for competitive units.
- Growing household counts within 3 miles suggest a gradually expanding renter pool and occupancy support.
- Risks: below-average neighborhood safety and rent-to-income pressure require conservative lease and expense planning.