Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the approximately $4.69 million sale of a 14-unit apartment property located 1429 Florida Street in the Alamitos Beach submarket of Long Beach, CA.
Principal Robert Stepp of Stepp Commercial represented the seller, a Long Beach-based private individual. The buyer was a private investor from Santa Monica. The transaction closed at a cap rate of 4.7 percent and a price per unit of nearly $335,000.
“The seller had owned this well-maintained asset for 15 years and is selling several Long Beach properties in order to consolidate and exchange into office product in Northern California,” said Stepp.
Stepp added, “The buyer was attracted to this quality property as it offered a value-add play and is well-located on a quiet residential street in the prime Alamitos Beach residential submarket. Rents here are typically 19 percent higher than other nearby neighborhoods.”
The property is proximate to the East Village Arts District and booming downtown Long Beach. Built in 1987, the property is situated on a quiet street and features 14 spacious two-bedroom/two-bath units surrounding an interior courtyard. Four of the units have been fully renovated. The upper units offer vaulted ceilings and all units feature private balconies as well as in-unit washer/dryers. There are also 14 subterranean garage parking spaces.