CBRE Facilitates $2.7M Multifamily Sale In Long Beach With All-Cash Buyer

The eight-unit multifamily property located at 2203 East Bermuda Street in Long Beach, California was sold for $2,700,000. The sale marked CBRE's first transaction in nearly four decades. The property, featuring townhome layouts, is situated in the sought-after Belmont Heights location with potential for increased rental income through renovations, achieving a 7.86% cap rate.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $2,700,000
• Units: 8
• Price Per Unit: $337,500
• Address: 2203 East Bermuda Street
• Market: Long Beach

The sale was facilitated by CBRE's team, which included Executive Vice President Dan Blackwell, along with Jack O’Connor and Trey Mitchell. The deal involved an all-cash buyer from Los Angeles County who was attracted to the property's location, layout, and income potential.