Alden Pacific Investments Completes the Purchase of a Triplex in North Long Beach
Alden Pacific Investments has completed the $687,558 purchase of a triplex in North Long beach. The property is located at 848 Magnolia Ave, Long Beach 90805.
Agent Vince Cook of Alden Pacific Investments represented the buyer on this deal. The property sold for $229,186 per unit and $414 per sqft. The current cap rate is 4.2% and the GRM is 13.32x. The property has a great upside potential at over 30%.
The property was built in 1949 and is situated on a 4,166 square-foot lot with 2 garages. The property consists of two separate structures the first being 2 [1BD/1BA] and the rear building mix consists of 1 [Studio] and 1 [2BD/1BA].
“Since 3 out of 4 units are substantially below market this provides an opportunity for over 30% upside potential in rents. The property is also in a great neighborhood, situated close to the prestigious Bixby Knolls.” -Vince Cook