Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the approximately $4.65 million sale of a value-add 20-unit apartment property located at 5075 Atlantic Avenue in north Long Beach.
Principal Robert Stepp of Stepp Commercial represented the seller, Torrance, CA-based Realty Holding PSJC, LLC. The buyer was a Los Angeles-based private investor. The property sold for a per unit price of $232,250, a cap rate of 5.9 percent and 11.2 gross rent multiplier on actual rents.
Built in 1979, the property sits on an oversized lot which is just over one-half acre, and includes nine one-bedroom units, 10 two-bedroom units and one three-bedroom unit. The asset also includes 22 garages and 11 additional parking spaces.
“This property provides the buyer with an opportunity to add value by updating the landscaping and upgrading unit interiors,” said Stepp. “As public and private investment capital continues to drive new development throughout the city, the north Long Beach area is now beginning to see growth as well as there are a number of new single family homes, townhomes, mixed-use projects and modern commercial space that are in various stages of planning and development.”
City proponents, such as Vice Mayor Rex Richardson, local developers, artists and business owners have been banding together with the goal of revitalizing north Long Beach to create community and fuel excitement about this historically underserved submarket. In particular, there has been an effort to bring art and cultural events to the area, centering around the 24,655-square-foot, state-of-the-art Michelle Obama Public Library.
About Stepp Commercial
Stepp Commercial is a brokerage firm specializing in the multifamily property sector. Stepp Commercial’s mission is to provide apartment owners with a fully integrated sales platform that includes comprehensive market knowledge and local real estate expertise to successfully complete any type of multifamily transaction.