LONG BEACH, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.6 million sale of a six-unit apartment property located at 319 Walnut Avenue in the Alamitos Beach submarket of Long Beach.
Principal Robert Stepp and Senior Vice President Michael Toveg of Stepp Commercial represented the seller, a Long Beach-based private investor. The buyer was Los Angeles-based Vamidi, LLC. The property sold for a strong per unit price of $433,333, and at a cap rate of 4.3 percent.
Built in 1967, 319 Walnut Avenue is walking distance to the beach and the Long Beach bike bath, as well as the dining and nightlife amenities of 4th Street/Retro Row area. The property includes five two-bedroom units and one three-bedroom unit. The units feature refurbished hardwood floors, built-ins, modern updated kitchens and baths, and tile fireplaces. The property also includes eight parking spaces which is rare for the neighborhood.
“Alamitos Beach is a highly sought-after rental neighborhood, and therefore a desirable submarket for investors,” said Stepp. “Rents in Alamitos Beach are 19 percent higher than the rest of Long Beach due to its walkability to the beach, Fourth Street/Retro Row and proximity to booming East Village Arts District.”
“This particular seller does a great job of impactful remodeling – typically focusing on upgrading flooring, paint, kitchens, baths and fireplaces, and installing new modern bathroom vanities and fixtures throughout,” added Toveg. “These attractive renovations, along with having ample parking in this typically under-parked beach neighborhood were very attractive to buyers and allowed us to achieve such a strong per-door price.”
The City of Long Beach continues to attract new residents and businesses. Since August 2016, Long Beach has seen 4,600 jobs added to the market, bringing its employment base to nearly 230,000. Long Beach has an unemployment rate of 5.9 percent, with job growth projected to increase 37.1 percent over the next ten years. A mix of diverse industry sectors, particularly commerce, aerospace and defense, and medical and health services have continued to drive employment growth for Long Beach and the greater Southern California region.
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