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