Updated Oct 28, 2024
Gelt Inc. Acquires Multifamily Property In Long Beach For $54.7M
225 W 3rd St, Long Beach, CA, USA
$54,700,000
$56,217/SF
Building Size
973 SF
Asset Type
MultiFamily
Closing
Jul 15, 2020
About this deal
AI
A multifamily property located at 225 W. 3rd St. in Long Beach has been sold for $54,700,000. The property consists of 160 units, resulting in a price per unit of $341,875. The transaction took place on July 15, 2021.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $54,700,000
- Units: 160
- Price per Unit: $341,875
Gelt Inc. was the buyer in this transaction. The sale was represented by Steve Wasserman & Keith Wasserman.
The multifamily sale at 225 W 3rd St, Long Beach, CA, USA in Long Beach, California sold for $54.7M in 2020. Reported inventory is 973 square feet across 160 units, or about 56.2K per square foot. This page is the Long Beach, California file for the 225 W 3rd St, Long Beach, CA, USA multifamily sold: pricing, party profiles, and other closed multifamily comps from the same Long Beach sit in the Market section below. Filter that Long Beach multifamily set by closing date to see what else sold near 225 W 3rd St, Long Beach, CA, USA around 2020. Published consideration for 225 W 3rd St, Long Beach, CA, USA is $54.7M, dated 2020. Cite this Gelt Inc. Acquires Multifamily Property In Long Beach For $54.7M sale when underwriting similar multifamily product around Long Beach, California.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.29%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93