So cal multifamily brokerDisclaimer: All information contained herein is obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only. We make no claim(s) as to the accuracy or reliability of the information presented. If you wish for us to analyze your specific property or situation please feel free to call or email us anytime.
Here's What's Happening In The Market, Here’s What This Means For You
What is the SoCal Multifamily Sales Pulse?
The SoCal Multifamily Sales Pulse is a weekly publication that reviews the past week's multifamily sales, stats, rents, absorption rate, and sale metrics for all five Southern California counties plus Long Beach. This weekly blog post contains all the information you need to make intelligent multifamily real estate investing decisions. And if you visit my website MikeLembeck.com you’ll also be able to easily see all the Southern California multifamily inventory currently available with predefined searches at MikeLembeck.com/search-the-mls.
Orange County
Orange County multifamily had 14 Closed Sales Last Week. This is one more closed sale than the prior week when there were 13 closed sales. The Closed Sales - Average Days on Market was 48 days. This is higher than the usual number of days, which is usually around 30 days.
The Orange County SALE OF THE WEEK is a 4 plex on Brea Blvd. in Fullerton. The property was listed at $1,899,000 and sold for $1,800,000 in 61 days. Built in 1966. The property is located in the area known as Via Santiago near the Coyote Hills Golf Course. The units consisted of one 3 bedroom 2 bath and three 2 bedroom 2 baths. There are 8 enclosed garages. The property sold at $360 per sq. ft. The average price per sq. ft. in Fullerton is $540. The gross rent multiplier was 18.5 times gross and the cap rate was 3.9%.
Orange County had 8 New Listings Last Week. We’ve seen a steady decline of weekly new listings for Orange County over the last 8 weeks. The Total Number of Active Listings has now dropped to 119 total listings. This is the lowest number of active listings this year and more than likely we won’t see any significant increase in listings for the remainder of the year. There were no expired listings last week. And the months of inventory remained at 3 months.
List of Closed Sales
Live MLS Link PDF Link SALE OF THE WEEK
Southern California
Long Beach multifamily had 13 Closed Sales Last Week. This is up from 7 closed sales in the prior week and the highest amount of weekly closed sales we’ve seen in the last month. The Closed Sales - Average Days on Market was 57 days. This stat is usually around 30 days. There were a couple of closed sales that increased the average days on market. One was a property that took 412 days to sell and the other one was a property that took 240 days to sell. If we remove those two closed sales the days on market drops down to 36 days.
The Long Beach SALE OF THE WEEK is a 6 unit building on Spring St. The property was listed at $1,100,000 and sold immediately upon hitting the market at $1,275,000. Built in 1962. The property consisted of all 2 bedroom 1 bath units. The existing rents were extremely low. There was room to increase the existing rents by about 33-50%. The property sold at just $286 per sq. ft. The average price per sq. ft. in Long Beach is $494. The gross rent multiplier is 14 x gross and the cap rate is 3.4%.
Long Beach had 9 New Listings Last Week. This is an average week of new listings for Long Beach. This brings the Total Number of Active Listings to 93 listings. That’s just 3 total listings less than the prior week. The Total Number of Active Listings last dropped below 90 listings last 3 weeks ago after being at 90 or more listings for most of the year.
List of Closed Sales
Live MLS Link PDF Link SALE OF THE WEEK