Alden Pacific Investments Completes Purchase of 4-Unit Apartment Complex in Long Beach
Updated: Mar 29, 2020
Alden Pacific Investments, a division of Buckingham Investments has completed the $1.21 million purchase of a 4-unit apartment property located at 937 E. 20th St. in the Poly neighborhood of Long Beach.
Managing Broker, John Alden of Alden Pacific Investments represented the buyer who was completing a 1031 exchange. The property sold for $302,500 per unit and a cap rate of 5.36%
Built in 1911, the property is situated on a large 9,046 square foot lot and is composed of 4 three bedroom units and has 10 separate parking spaces that can be rented for additional income.
"937 E. 20th was a unique opportunity for our client", said Alden. "The property was comprised of 4 large 3 bedroom units with significant upside in rental income. Priced at $228 a square foot it was the best priced property on the market. Stabilized we expect the property to perform at a 7.25% cap rate on market rents."