Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $3.55 million sale of an 11-unit apartment property located at 366 Walnut Avenue in the Alamitos Beach submarket of Long Beach and just one block from Fourth Street/Retro Row.
Principal Robert Stepp and Senior Vice President Michael Toveg of Stepp Commercial represented the seller and buyer, both Los Angeles-based private investors. The property sold for approximately $323,000 per unit, a cap rate of 4.2 percent, and a gross rent multiplier (GRM) of 15.7.
Built in 1923, the bungalow-style property includes ten one-bedroom units and one two-bedroom unit. All the units were recently renovated with a number of upgrades including new countertops, laminate wood flooring stainless steel appliances, bathtubs and vanities, ceiling fans and lighting, among others.
“This turnkey, well-located property attracted a number of investors as it offered a stabilized opportunity as well as the possibility of adding an ADU by converting the garage into a studio unit,” said Stepp.
He added, “Long Beach continues to be a hot rental market for young professionals and as a result, investors see the city as a prime target to grow their apartment portfolios.”
Alamitos Beach is a coveted coastal neighborhood that is a short walk to the beach, bike path, volleyball courts, bars and restaurants along the Broadway Corridor, and trendy shops and dining establishments on Fourth Street-Retro Row.
