API Completes the Sale of a $1.175m 4-Unit Property in Long Beach
Alden Pacific Investments completed the sale of a 4-unit multifamily building located at 1620 Chestnut Ave. This property boasts a strong unit mix of (1) 3 bedroom/ 1 bathroom unit and (3) 2 bedroom/ 1 bathroom units. The seller was represented by John Alden who closed the deal at $1.175m, placing the property at a CAP rate of 3.0%, price per square foot of $291.71 and GRM of 21.63
Working with the seller, we created an in-depth and unique marketing campaign that utilized multiple channels to solicit multiple offers. We closed within 98% of the purchase price and at a 3.0% CAP rate despite the challenging market conditions caused by COVID.
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