Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $4.375 million sale of a 13-unit apartment property located at 907-927 Grand Avenue in the Eastside submarket of Long Beach, California.
Stepp Commercial’s Principal Robert Stepp and Senior Vice President Michael Toveg represented the seller, a Long Beach-based private investor, as well as the buyer, a San Francisco-based private investor. The property closed at a 4.3 percent cap rate and at a price per unit of just over $336,000.
“This property closed at a high price of approximately $500 per square foot,” said Stepp. “The buyer recognized the upside in rents, its location on a residential street, and potential to add two accessory dwelling units (ADUs) in the future.”
Built in 1923 and 1963, 907-927 Grand Avenue is comprised of three freestanding buildings featuring a mix of seven two-bedroom units and six one-bedroom units. The property has been extensively renovated with units featuring vinyl plank flooring, custom bathroom tile, modern designer cabinets and countertops, appliances and energy-efficient LED lighting. The property includes onsite laundry facilities and eight garages. Four of the garages are in a stand-alone structure and have the capacity to be converted to two ADUs of approximately 350 square feet each.
Located in prime Eastside Long Beach, the property provides tenants with convenient, walkable access to a diverse number of amenities including restaurants, retail, daily needs, entertainment and night life. The neighborhood is ranked as one of the best neighborhoods in Long Beach for young professionals by Niche.com.