Updated Oct 29, 2024
Mercy Housing California Acquires Development Site In Downtown Long Beach From Jatin Laxpati For $4.9M
300 Alamitos Ave Long Beach, CA 90802, USA
$4,900,000
Units
71
Asset Type
Development Site
Closing
May 23, 2023
About this deal
AI
The development site located at 300 Alamitos Avenue in Long Beach has been sold in a closed transaction. The property, situated in downtown Long Beach, consists of 71 entitled units. The sale was made to an affordable developer, Mercy Housing California, at a price of $4,900,000. With a purchase price per unit (PPU) of $69,014, the property offers a promising investment opportunity. The sale also translates to a land value of $190.66 per square foot.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $4,900,000
- Address: 300 Alamitos Avenue
- Market: Long Beach
- Units: 71
- PPU: $69,014
The seller, Jatin Laxpati, was represented by Filip (Fil) Niculete from Marcus & Millichap and Glen Scher from LAAA Team - Marcus & Millichap. On the buyer's side, Mike West from Inland West acted as the representative for Mercy Housing California. The transaction was successfully completed, emphasizing the growing interest in affordable housing development in Long Beach.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.24%
Cash-on-Cash
-0.93%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93