Updated Dec 21, 2023
Stepp Commercial Brokers $6.3M Sale Of Multifamily Property In Long Beach
445 Rose Ave, Long Beach, California 90802, United States
$6,300,000
Units
16
Asset Type
MultiFamily
Closing
Jan 28, 2022
About this deal
AI
A multifamily property located at 445-455 Rose Avenue in Long Beach was recently sold for $6,300,000. The sale was handled by Robert Stepp & Michael Toveg of Stepp Commercial. The property consists of 16 units, with a price per unit of $393,750.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $6,300,000
- Address: 445-455 Rose Avenue, Long Beach
- Broker: Robert Stepp & Michael Toveg - Stepp Commercial
- Units: 16
- Price per Unit: $393,750
This transaction highlights the success of the collaboration between Robert Stepp & Michael Toveg from Stepp Commercial in facilitating the sale. Their expertise in the Long Beach market played a crucial role in achieving the final sale price of $6,300,000 for the 16-unit multifamily property on Rose Avenue.
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
2.52%
Cash-on-Cash
-0.72%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93