LONG BEACH, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $6.2 million sale of a 21-unit apartment property in the Alamitos Beach submarket of Long Beach, Calif.
Principal Robert Stepp and Vice President Todd Hawke of Stepp Commercial represented both the seller, a private trust, and the buyer, a private trust. The property closed at a 3.3 percent cap rate and a price per unit of $295,238.
Built in 1963, this two-story building is located at 1129 E. Ocean Blvd. and consists of 13 one-bedroom and eight two-bedroom units which feature bright and open floor plans, upgraded kitchens with granite counters, laminate hardwood and ceramic flooring, upgraded bathrooms, and ceiling fans. The property was 100 percent occupied at time of closing.
“Ocean Boulevard is a primary corridor through Long Beach, running parallel to the beaches and connecting neighborhoods from the Peninsula to Downtown,” said Stepp. “Assets of this quality on a major thoroughfare near prime lifestyle amenities are favored by Long Beach investors for their long-term stability and consistent cash flows. This property offered a value-add opportunity requiring cosmetic upgrades which upon completing will allow the buyer to increase rents to market rates.”
“Stepp Commercial is focused on achieving meaningful outcomes for both buyers and sellers in every transaction,” said Hawke. “In this instance, we were able to position the buyer with a value add investment as well as put the seller into the position to finalize a 1031 up-leg with a new, institutional quality asset that improved its cash flow by 88 percent.”
The property is located at 1129 E. Ocean Blvd in the Alamitos Beach submarket in a prime location for access to many of Long Beach’s top retail and lifestyle districts including the East Village and Downtown. The Alamitos Beach submarket is within the southern portion of Long Beach and is home to a public beach, Bixby Park and Bluff Park, as well as the Long Beach bicycle path, which starts at Shoreline Village and ends in the Belmont Shore neighborhood. Aside from its prime ocean front location, Alamitos Beach is known for its nightlife and is home to numerous bars, restaurants, and shops along the Broadway Corridor.
About Stepp Commercial: Stepp Commercial is a brokerage firm specializing in the multifamily property sector. Stepp Commercial’s mission is to provide apartment owners with a fully integrated sales platform that includes comprehensive market knowledge and local real estate expertise to successfully complete any type of multifamily transaction. For more information visit steppcommercial.com