Stepp Commercial Sells Multifamily Property In Long Beach, CA For $6.64M
SOLD
$6,640,000
California
See Similar DealsMultiFamily
Sold 10/26/2022
SOLD
Stepp Commercial Sells Multifamily Property In Long Beach, CA For $6.64M
4114 Elm Avenue, Long Beach, California 90807, United States
See Similar DealsMultiFamily
Sold 10/26/2022
Summary
CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale
A multifamily property located at 4114 - 4118 Elm Avenue in Long Beach, CA has been sold. The transaction took place on October 26, 2022. The property, consisting of 22 units, was sold for a total price of $6,640,000, resulting in a per unit price of $301,818. The cap rate for this transaction is 3.7%.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $6,640,000
- Address: 4114 - 4118 Elm Avenue, Long Beach, CA
- Market: Long Beach, CA
- Brokers: Robert Stepp, Todd Hawke, and Michael Toveg - Stepp Commercial
The deal was facilitated by Stepp Commercial, with Robert Stepp, Todd Hawke, and Michael Toveg representing the parties involved.
Players
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$354,133.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$23,590.53
Cash-on-Cash Return-1.27%
Monthly Debt Service$31,476.99
Annual Debt Service$377,723.85
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