Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $4.455 million sale of a 20-unit apartment property located at 1000 Redondo Avenue in the Eastside submarket of Long Beach, Calif.
Principal Robert Stepp and Senior Vice President Michael Toveg of Stepp Commercial represented the seller, a Long Beach-based private investor. Toveg also represented the buyer, a Los Angeles-based private investor. The property closed at a 4.9 percent cap rate, a GRM of 12.8, and a price per unit of $222,750.
Built in 1929, the 9,580-square-foot, two-story building is located on an oversized, 6,262-square-foot lot. It comprises six one-bedroom/one-bathroom units and 14 studio units. The Spanish-style property features an arched, controlled-access entry. It recently underwent a full renovation that included unit upgrades including new vinyl plank flooring, designer kitchen cabinets, new appliances, new bathroom vanities and fixtures, upgraded ceiling fans, and new lighting fixtures throughout, as well as new building systems upgrades.
“Long Beach’s Eastside is well-located near California State University, Long Beach, and is adjacent to the Belmont Heights market,” said Stepp. “This turnkey property had a lot of interest from potential buyers as a growing number of investors are seeking ease of ownership without the expense and inconvenience of making updates and embarking on deferred maintenance issues.”