Jack Patel Of Sage Real Estate Represents Buyer In $2.55M Mixed-Use Sale In Long Beach

A mixed-use property located at 221 Wisconsin Avenue in Long Beach was sold for $2,550,000. The asset encompasses 10,401 square feet and includes 10 units, resulting in a price per unit of $255,000 and a price per square foot of $245. The property achieved a cap rate of 5.7% and a gross rent multiplier (GRM) of 11.42.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $2,550,000
• Units: 10
• Price Per Unit: $255,000
• Square Footage: 10,401
• Price Per Square Foot: $245
• Cap Rate: 5.7%
• Gross Rent Multiplier: 11.42
• Buyer's Representative: Jack Patel - Sage Real Estate
• Seller's Representatives: Chris Walker - Triqor Group; Chris Pettit - Skyline Commercial Real Estate

Jack Patel successfully negotiated a $250,000 price reduction for his client with only one week remaining in their 1031 exchange deadline. The sellers had owned the property for over 20 years before deciding to exit, while Jack’s client transitioned from a four-plex to this 10-unit coastal asset situated just two blocks from the beach, representing a significant advancement in both unit count and long-term value.