NAI Capital Completes 10-Unit Multifamily Investment Sale in Long Beach, CA
Los Angeles, CA June 15, 2018– Vice President Mario Gandara and Associate Ramzy Prado with NAI Capital’s Multifamily Services Group completed the sale of a 10-unit multifamily investment in Long Beach, Calif. Mario and Ramzy represented the seller, a private investor in the transaction. The buyer was also a private investor. The sale price totalled $1,400,000 million or $140,000 per unit.
The property is located at 1432 Gaviota Avenue. Built in the 1920s and centrally located within downtown Long Beach, the multifamily complex is comprised of all single story units - 9 studio units and 1 one bedroom unit. The units range in size from 346 to 502 square feet. At the time of the sale the apartment complex was 100% occupied.
Mario said, “This a record setting sale price in Long Beach, on a price per square foot basis, for 1920’s construction.”
“Through our extensive marketing techniques, experience, and knowledge of the market we were able to produce multiple offers. We created an auction environment to get the best and highest price. The final cap rate was a 4.29% and a 13.33 Gross Rent Multiplier,” added Ramzy.
About NAI Capital
NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 400 Offices and 7,000 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #01990696.
To learn more, visit www.naicapital.com.
About NAI Global
Founded in 1978, NAI Global is a leading global commercial real estate brokerage firm. NAI Global Offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 Offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of over 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more, visit www.naiglobal.com.
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