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SOUTHERN CALIFORNIA NEWS
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Investor Pays Over $300k/Unit for Long Beach Res Property

12/31/20

Junipero Apartments, a 16-unit community in Long Beach, traded for $4.9 mil ($306k/unit), with numerous offers. Built in 1987, Junipero Apartments is located at 1071 and 1075 Junipero Ave, east of Cherry Ave and south of Anaheim St.

The property comprises two residential buildings with eight units each, totaling 13.4k sf of space. The apartment homes feature spacious two-bedroom floor plans with an average size of 835 sf. The property is walking distance to numerous retail shopping plazas, restaurants, Long Beach City College, and benefits from Retro Row being a block away, offering a promising future.

Mike Marcu of The Mogharebi Group represented the seller, a SoCal-based investor.

"The property is 100% occupied with strong cash flow and value-add upside. As a result, this Long Beach community presented the buyer with a tremendous opportunity to increase their returns, and perfectly fit their investment criteria", noted Marcu.






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