Millennium Properties Acquires Long Beach Multifamily For $4.2M
SOLD
$4,200,000
California
See Similar DealsMultiFamily
Sold 01/24/2022
SOLD
Millennium Properties Acquires Long Beach Multifamily For $4.2M
1128 Raymond Avenue, Long Beach, California 90804, United States
See Similar DealsMultiFamily
Sold 01/24/2022
Summary
CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale
Located in Long Beach, the multifamily property at 1128-1130 Raymond Ave. has recently been sold for a price of $4,200,000. The transaction took place on 12/30/2021, and the property consists of 24 units. The sale price per unit was $175,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $4,200,000
- Address: 1128-1130 Raymond Ave.
- Market: Long Beach
The buyer for this transaction was Millennium Properties, represented by Phil Manucheri. On the other hand, the seller was the C Living Trust, represented by Gibson Maria. Chris van Vuuren from Lyon Stahl Investment Real Estate acted as the broker in this deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$223,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$14,921.72
Cash-on-Cash Return-1.27%
Monthly Debt Service$19,910.14
Annual Debt Service$238,921.71
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