Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the approximately $2.4 million sale of an eight-unit apartment property located at 1066 Coronado Avenue in Long Beach, CA.
Principal Robert Stepp and Vice President Mark Witsken of Stepp Commercial represented the seller, a private investor from Long Beach. Witsken also represented the buyer, a Los Angeles-based private investor. The closing cap rate was 5.6 percent and the gross rent multiplier was 12.3.
Built in 1986, the two-story building is well-located in the popular Eastside submarket of Long Beach. The asset features eight bright, sizable two-bedroom units with private balconies, two full bathrooms, washer/dryer in-unit, refrigerator, gas range and dishwasher. The property also features a secured entrance and 14 parking spaces in a gated garage.
“This turn-key property has been well-maintained and provides the new ownership with a 12 percent upside in rents as units become available,” said Stepp. “Long Beach is an attractive rental market and with significant population and employment growth, the market is poised to provide investors with favorable rents and appreciation over the long-term.”