Stepp Commercial Sells 16-Unit Multifamily In Rose Park For $6.5M
SOLD
$6,500,000
California
See Similar DealsMultiFamily14,840 SF
Sold 06/28/2022
SOLD
Stepp Commercial Sells 16-Unit Multifamily In Rose Park For $6.5M
640 Stanley Avenue, Long Beach, California 90814, United States
See Similar DealsMultiFamily14,840 SF
Sold 06/28/2022
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$438
Total Square Footage:14,840 SF
Transaction Type:Sale
The multifamily property located at 640 Stanley Avenue in Rose Park has been sold for $6,500,000. The transaction took place on June 28, 2022. The property consists of 16 units, resulting in a per-unit price of $406,250.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $6,500,000
- Address: 640 Stanley Avenue
- Market: Rose Park
- Units: 16
- Price per Unit: $406,250
The sale was facilitated by Robert Stepp and Michael Toveg of Stepp Commercial, who represented the seller in the transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$346,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$23,093.12
Cash-on-Cash Return-1.27%
Monthly Debt Service$30,813.32
Annual Debt Service$369,759.79
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