Updated Sep 5, 2024
Stepp Commercial Group Sells Value-Add Multifamily Property In Long Beach For $2.65M
1206 Gladys Ave Long Beach, Ca 90804, Usa
$2,650,000
Units
8
Asset Type
MultiFamily
Closing
Aug 7, 2023
About this deal
AI
A multifamily property located at 1206 Gladys Avenue in Long Beach, California, has been sold for $2.65 million. This eight-unit property presents a value-add opportunity with below-market rents. The seller is seeking a cash-flowing out-of-state asset for a 1031 exchange transaction.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $2,650,000
- Units: 8
- Price per Unit (PPU): $331,250
- Market: Long Beach
The sale of this multifamily property was facilitated by Larry Bustamonte, Robert Stepp, John Alden, and Mark Witsken of Stepp Commercial Group. Stepp Commercial Group acted as the brokers in this transaction.
On the Map
$2,650,000
MultiFamily
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Players
Los Angeles MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.99%
Cash-on-Cash
-1.71%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93