Alden Pacific Investments Completes Purchase of 8-Unit Value-Add in Long Beach
Alden Pacific Investments has completed the purchase of an 8-Unit value-add opportunity in the city of Long Beach for $2,450,000.
Managing Broker John Alden, of Alden Pacific Investments, represented the buyer. The property was acquired at a 3.68% cap rate and 16.15 GRM, the upside is considerable at 5.6% market cap rate and 12.07 market GRM.
The property was built in 1986, the unit mix consists of 8 [2BD/2BA] units with 16 garage spaces and a laundry room for additional rental income. The property was purchased at $306,250 per unit.
"The property was purchased from the original owner and presents a great value add opportunity for the new owner to stabilize the asset and add another great building to their portfolio.” - John Alden