Larry Guesno Purchases Multifamily Property From Erik Lutke In Long Beach For $3.95M

338 Cedar Avenue is a fully remodeled 17-unit multifamily property located in Long Beach, California. The sale price for this asset was $3,949,753, with a price per unit of $232,338. The total square footage of the property is 10,150, resulting in a price per square foot of $389.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $3,949,753
• Units: 17
• Address: 338 Cedar Avenue
• Market: Long Beach
• Price Per Unit: $232,338
• Square Footage: 10,150
• Price Per Square Foot: $389
• Buyer: Larry Guesno
• Seller: Erik Lutke
• Brokers: Robert Stepp & Michael Toveg - Stepp Commercial

Robert Stepp and Michael Toveg represented the seller, Erik Lutke, in this transaction. The property is situated in the West Gateway submarket of Downtown Long Beach, conveniently located near the $520M Civic Center Redevelopment, and features fully remodeled units with in-unit laundry, stainless steel appliances, and high-end finishes.