Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $6.3 million sale of a 16-unit apartment property located at 445-455 Rose Avenue in the 4th Street / Retro Row neighborhood Long Beach, California.
Stepp Commercial Principal Robert Stepp and Senior Vice President Michael Toveg represented the seller, a Southern California-based private investor, as well as the buyer, a Los Angeles-based private investor. The property closed at a 4.3 percent cap rate and at a price per unit of $393,750.
“Our team secured multiple offers on this asset within days after it was placed on the market,” said Stepp. “Ultimately, it sold for one of the highest prices per unit in the area.”
Toveg added, “The buyer liked that this was a turn-key apartment property in a good location. With interest rates low, the buyer was able to secure a favorable interest only loan that will generate over 6 percent cash-on-cash return.”
Built in 1963, 445-455 Rose Avenue consists of two mid-century modern buildings and a landscaped central courtyard with a BBQ and built-in seating. The unit mix includes four three-bedroom units, eight two-bedroom units, and four one-bedroom units. Fourteen of the units are completely remodeled and feature wood laminate flooring, custom cabinetry, quartz countertops, stainless steel appliances, and designer lighting and fixtures throughout.
The eclectic, hip, 4th Street / Retro Row neighborhood has developed into a bustling, walkable neighborhood offering many dining, nightlife and retail amenities, and is a popular destination for its selection of independent vintage and contemporary clothing, furniture, home good, skateboard shops, art and antiques galleries, as well as locally-owned restaurants, coffee shops and wine bars.