Alden Pacific Investments Completes the Sale of a Charming Duplex in Downtown Long Beach
Updated: Jun 28, 2021
Alden Pacific Investments has completed the $610,000 purchase of a duplex in Long beach. The property is located at 848 Magnolia Ave, Long Beach 90813.
Agent Whitney Spatz of Alden Pacific Investments represented the buyer. The property sold for $305,000 per unit and $452 per sqft. The current cap rate is 4.5% and the GRM is 14x. The property has significant upside potential.
The property was built in 1908 and is situated on a 4,768 square-foot lot with 5 parking spots. The property mix consists of 1 [3BD/1BA] and 1 [2BD/1BA].
“The property is situated on a nice size lot in a great location and the properties financials support my client's investing goals well.” -Whitney Spatz