Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.5 million sale of an eight-unit apartment property located at 1148 Stanley Avenue in the Eastside submarket of Long Beach, Calif.
Principal Robert Stepp and Vice President Mark Witsken of Stepp Commercial represented the seller, a Long Beach-based private investor. The buyer was a Long Beach-based private investor. The property sold at a 4.3 percent cap rate and a price per unit of $312,500.
“Like many of our sellers, our client decided to conduct a 1031 exchange into an out-of-state property for increased cash flow,” said Stepp. “This quality property received a significant amount of interest and sold for a high per square foot price of $401. The buyer has the opportunity to bring rents up to market rates as leases expire, as well as gain additional revenue with the potential to add an accessory dwelling unit (ADU).”
Built in 1986, the property consists entirely of spacious two-bedroom / two-bath units with large private balconies. The property features a secured garage with ample parking and new high-intensity LED lighting. Seven of the eight units have undergone complete remodels which include new flooring, lighting, interior doors and hardware, brand new kitchens and bathrooms and modern fixtures throughout.
Nestled between Alamitos Beach and Traffic Circle, the Eastside submarket is one of the most popular rental pockets in Long Beach. Living in Eastside offers residents a sparse urban feel and many residents own their homes. With a plethora of restaurants, coffee shops, retail and parks, the neighborhood is highly walkable.