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  • Alden Pacific Investments

API Completes a $1.825m Sale of a 7-Unit Property in Long Beach

Updated: Aug 26, 2021

Alden Pacific Investments recently closed on a 7-unit property located just north of Downtown Long Beach at 405 E Esther St. This property consists of (1) 6 bedroom/2 bathroom unit, (3) 3 bedroom/1 bathroom units, (2) 2 bedroom/ 1 bathroom units, and (1) 1 bedroom/ 1 bathroom unit. The deal closed with a strong in place CAP rate of 5.1% with 15% upside to market rents.

The buyer had been actively looking for a 1031 exchange up-leg with no luck. This deal had previously been listed at $1.895m. We were able to source the deal off market at $1.825m, and created a stabilization plan with new property management for the buyer to capture the upside in value the building offered.

Interested in seeing what your property is worth? Contact us today to schedule an appointment.

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