CB's Steve Heri and Cara Weichman, who represented both buyer and seller, say the $2.2-million selling price, or $137,500 per unit, was one of the highest ever paid for a comparable property in Long Beach. The seller was Spanish Eight Ltd. of Newport Beach.
The complex, constructed in 1954, sits on a bluff in the Belmont Heights neighborhood, one parcel away from the Pacific Ocean. The complex consists of four two-bedroom, one-bathroom units and 12 one-bedroom, one-bathroom units that average 835 sf and rent for an average of $900 per month. The sale represented a sub-5% cap rate.
Heri says the seller had owned the complex for 15 years and received multiple offers on the property. The well-maintained complex was 100% occupied at the time of the sale.
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