Updated Dec 19, 2023
Stepp Commercial Acquires 14-Unit Multifamily Property On Ocean Avenue In Long Beach For $5.5M
1425 East Ocean Boulevard, Long Beach, California 90802, United States
$5,500,000
Units
14
Asset Type
MultiFamily
Closing
Mar 14, 2022
About this deal
AI
A multifamily property located at 1425 Ocean Avenue in Long Beach has been sold. The transaction was facilitated by brokers Robert Stepp & Todd Hawke from Stepp Commercial. The sale price for the property was $5,500,000.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $5,500,000
- Address: 1425 Ocean Avenue
- Market: Long Beach
The property consists of 14 units with an average price per unit of $393,000.
Robert Stepp & Todd Hawke from Stepp Commercial represented the parties involved in the transaction.
On the Map
$5,500,000
MultiFamily
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Players
Long Beach 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
2.88%
Cash-on-Cash
-0.82%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93