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1960s Apartments Go For $80K Per Unit

LONG BEACH, CA-Two of the 16 units were vacant at the time of the sale

By Bob Howard | Updated on October 15, 2002

LONG BEACH, CA-A private investor has bought the 16-unit Grecian Apartmentsat 1175 E. Second St. from another private party for $1.36 million,according to Kevin King of Marcus & Millichap, who represented bothparties, both of them in 10-31 exchanges.

King tells GlobeSt.com that the building was fully occupied at the timethe parties agreed to the sale, but two units that became vacant duringescrow were allowed to remain empty at the request of the buyer, whoplans to upgrade the units and raise rents to market levels.

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