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Stepp Commercial Group Sells Value-Add Multifamily Property In Long Beach For $2.65M

Property Image
SOLD
$2,650,000
John Alden
Robert Stepp
Larry Bustamonte
+ 1

California

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MultiFamily
Sold 08/07/2023
the dealplayerscompscontact
Property Image
SOLD

Stepp Commercial Group Sells Value-Add Multifamily Property In Long Beach For $2.65M

1206 Gladys Ave Long Beach, Ca 90804, Usa

See Similar Deals
MultiFamily
Sold 08/07/2023
John Alden
Robert Stepp
Larry Bustamonte
+ 1
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale

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.

Players

Robert Stepp
Stepp Commercial
Robert Stepp
35 deals$302.4M volume
BROKER
John Alden
Stepp Commercial
John Alden
4 deals$53.2M volume
BROKER
Larry Bustamonte
Stepp Commercial
Larry Bustamonte
2 deals$7.7M volume(310) 430-4205
BROKER
Mark Witsken
Stepp Commercial
Mark Witsken
1 deal$2.7M volume(310) 766-5954
BROKER

Details

SOLD
IMAGE: Larry Bustamonte, Robert Stepp, John Alden & Mark Witsken DATE: 08/07/2023 ADDRESS: 1206 Gladys Avenue MARKET: Long Beach ASSET TYPE: Multifamily BROKERS: Larry Bustamonte (@Larry_Bustamante), Robert Stepp (@RobStepp1), John Alden & Mark Witsken - Stepp Commercial Group SALE PRICE: $2,650,000 UNITS: 8 ~ PPU: $331,250 NOTE: Stepp Commercial Group sold an eight-unit multifamily property in Long Beach, California, for $2.65 million. The property presents a value-add opportunity with below-market rents, and the seller is seeking a cash-flowing out-of-state asset for a 1031 exchange transaction.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$141,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$9,414.90
Cash-on-Cash Return-1.27%
Monthly Debt Service$12,562.35
Annual Debt Service$150,748.22