Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.66 million sale of a six-unit apartment property located at 4108 E. Broadway in Long Beach’s Belmont Heights neighborhood.
Principal Robert Stepp and Senior Vice President Michael Toveg of Stepp Commercial represented the seller, a Long Beach-based private investor. The buyer was a Los Angeles-based private investor who was in a 1031 exchange. The 3,424-square-foot property closed at a 4.2 percent cap rate and a price per unit of just over $443,000.
Built in 1923, the two-building property includes four one-bedroom units in the front building and two studio units in the rear building. It also offers residents a beautifully landscaped courtyard with seating and a BBQ and dining area, as well as ample parking.
“This property was completely renovated and provided the new ownership a fully stabilized, turnkey asset in Belmont Heights, one of the most popular rental submarkets in Southern California,” said Stepp. “Due to these key fundamentals, this asset achieved a high price per square foot of $777, which is one of the highest for prices for similar properties in the neighborhood.”
4180 E. Broadway recently underwent major interior renovations including new windows and doors, hardwood flooring, custom shaker-style cabinets, quartz countertops, in-unit washer/dryers, stainless steel appliances, new bathroom tile and modern lighting, ceiling fans and fixtures throughout.
Belmont Heights is a desirable rental market for professionals seeking a quiet neighborhood ambiance with accessibility to outdoor activities along with shopping and dining amenities. The property is within minutes to the beach and bike path as well as the popular 2nd Street shopping and dining destination.