Alden Pacific Investments Completes Purchase of 4-Units in Long Beach
Updated: Apr 2, 2020
Alden Pacific Investments has completed another successful purchase of 4-Units in Long Beach. The property was acquired for $1.075 million and is situated at 1487 Henderson Avenue in Long Beach, 90813.
Managing Broker John Alden, of Alden Pacific Investments, represented the buyer during the transaction. The deal was closed at $268,750 per unit, 13.49 Gross and 4.7% Cap rate on current rents and 11.32% upside in rental income.
Property was comprised of a desirable unit mix consisting of 2 [3BD/1BA] | 2 [2BD/1BA] units and 5 garage spaces.
“1487 Henderson offered our client a great opportunity to get into the Long Beach market - with great proximity to downtown, it offered the best of both worlds, cash flow, and upside.” -John Alden