Marcus & Millichap Brokers the Sale of an Eight-Unit Multifamily Property in Long Beach, California

LONG BEACH, Calif., April 26, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of an eight-unit multifamily investment property located in the highly desirable Bixby Knolls neighborhood of Long Beach, California. The asset sold for $2,250,000, totaling $281,250 per unit.

“This property was sold off-market to a 1031-exchange buyer coming out of Palm Springs,” said Evan Gray, investment associate in Marcus & Millichap’s Orange County office. “1031-exchange buyers are often the best buyer profile due to their requirement to identify an up-leg property within 45 days after closing their down leg. Their incentive to close in a condensed timeline makes them less apt to re-trade, allowing the seller to harness the highest proceeds, the best terms, and smoothest escrow process.” Gray, along with Nicholas Kazemi, first vice president investments in the firm’s Orange County office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer was procured by Splash Real Estate. “The buyer plans to hold the property long term and take advantage of the attractive financing and current in-place cash flow,” adds Gray.

Built in 1946, this vintage multifamily property is located at 4655-4657 North Banner Drive in Long Beach, California. It offers an attractive mix of two studios and six, 1-bedroom floor plans. In addition, four garage parking spaces are available and provide additional income potential. The property is located within 1.5 miles of the Virginia Country Club and is in close proximity to Long Beach Airport.

#     #     #

About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.