Stepp Commercial Brokers Facilitate $11M Sale Of Long Beach Multifamily Property
SOLD
$11,000,000
California
See Similar DealsMultiFamily279,000 SF
Sold 04/15/2024
SOLD
Stepp Commercial Brokers Facilitate $11M Sale Of Long Beach Multifamily Property
1722 Coronado Avenue, 222 Grand Avenue, 1033 Stanley Avenue, 1341 Stanley Avenue, 1128 Saint Louis Avenue, 494 East Sunset Street, 496 East Sunset Street, 491 East 51st Street & 495 East 51st Street
See Similar DealsMultiFamily279,000 SF
Sold 04/15/2024
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$39
Total Square Footage:279,000 SF
Transaction Type:Sale
A 41-unit Long Beach multifamily portfolio was sold for $11,000,000. The properties included in the portfolio are located at 1722 Coronado Avenue, 222 Grand Avenue, 1033 Stanley Avenue, 1341 Stanley Avenue, 1128 St. Louis Avenue, 494-496 E Sunset Street, and 491-495 E 51st Street. The total square footage of the portfolio is 31,000 with a price per square foot of $355.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $11,000,000
- Units: 41
- Price per unit: $268,293
- Price per square foot: $355
- Market: Long Beach
Robert Stepp, Travis Traweek, and Buck Traweek from Stepp Commercial facilitated the sale of the multifamily portfolio in Long Beach. The transaction involved representing the buyer and seller in this deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$586,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$39,080.67
Cash-on-Cash Return-1.27%
Monthly Debt Service$52,145.61
Annual Debt Service$625,747.34
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