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8/14/19
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In a recent multifamily comp in Long Beach, a 20-unit apartment complex traded hands for $4.645 mil, or $232.3k/unit. The apartment complex is located at 5075 Atlantic Ave, east of the 710 Fwy and just north of Del Amo Blvd.
Built in 1979, the two-story property is comprised of nine one-bedroom/one-bath units, ten two-bedroom/two-bath units and one three-bedroom/two-bath unit. The property sits on an oversized lot with ample parking; 22 garages and 11 parking spaces. It was 100% occupied at the time of sale. The new owner plans to hold the asset as a long term investment.
NAI Capital’s Mario Gandara represented the buyer, a private investor, in the transaction. The seller was Long Beach Trading Company.
“The 5075 Atlantic Ave apartments are in a very popular area of North Long Beach,” commented Gandara. “The size of the units and unit mix are excellent for this market, which has a low vacancy rate and rising rents. The new buyer expects to have no vacancy in the foreseeable future, minimal maintenance because the building is great shape and tremendous upside potential due to its location.”
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