Alden Pacific Investments Completes the Sale of a 6-Unit Property in Long Beach
Alden Pacific Investments recently closed on 1035 Orange Ave, Long Beach, CA 90813. This 6-unit multifamily property consists of 1 3BD/1BA house, 1 2BD/1BA house, and a 4-plex consisting of 4 2BD/1BA units. The client was coming out of a 1031 exchange and looking for a value-add deal in Long Beach. Alden Pacific Investments worked with the client to secure this deal at $60,000 below the asking price. Closing at $1.615m, this property offered the client a current CAP rate of 5.4% with 21.4% upside in rental income. Managing broker John Alden represented the buyer in this transaction.