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2/22/24
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An eight-unit multifamily property in Long Beach sold for $2.7 mil ($337.5k/unit) in the asset’s first trade since it was built nearly 40 years ago. Built in 1985, the 8.4k sf apartment building is located on a 6k sf lot at 2203 East Bermuda St, near the intersection of Junipero Ave and East Bermuda St.
The apartment community features primarily two-bedroom, townhouse-style units with oversized balconies or patios for every unit and excellent on-site parking. The property features remote-controlled garage parking, which is generating additional income. It also has secured entry at the front and back, as well as a shared laundry room.
With a Walk Score of 95 (a “Walker’s Paradise”) and a Bike Score of 92 (a “Biker’s Paradise”), the property benefits from its proximity to the East Village Arts District and about a five-minute drive to Downtown Long Beach, Belmont Shore, and the beaches along Ocean Boulevard. It is only a five-minute walk to 4th Street and a 15-minute walk or less to Junipero Beach, Long Beach Museum of Art, parks and shops. Los Angeles is only a half-hour away.
Dan Blackwell, Trey Mitchell and Jack O’Connor with CBRE represented the all-cash, non-exchange buyer based in Los Angeles County. The seller was also based in Los Angeles County. The deal closed in just 21 days.
According to Mitchell, “The buyer was attracted to the property’s desirable Belmont Heights location, its townhome layouts, and 1980s construction. Additionally, the buyer could increase the rent roll by nearly 50%, resulting in a 7.86% cap rate, through the implementation of a comprehensive renovation plan aimed at capturing the strong market rents for luxury rentals in the immediate neighborhood.”
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