LONG BEACH, CA - Stepp Commercial, a leading multifamily brokerage firm in the Long Beach market, has completed the $4.21 million sale of a 22-unit apartment property located at 2333 to 2401 E. 5th Street in the Retro Row submarket of Long Beach.
Robert Stepp, principal with Stepp Commercial, represented the seller, a private investor from Culver City, as well as the buyer, a private investor from Santa Monica. The closing cap rate was 3.8 percent and the price per unit was $191,000.
Built in 1963, the property features 18 one bedroom units and four two-bedroom units with open floor plans. It offers a large central courtyard, on-site laundry, and 12 private garages. It is located within walking distance to the beach, Bixby Park, and the numerous shops and restaurants in the Retro Row area along 4th Street.
“The buyer is planning on investing $20,000 per unit for interior upgrades and enhancements and will also renovate the exterior areas. Once complete, the buyer will be able to secure market rental rates which are approximately 15 percent higher than what the property is currently seeing.”
Retro Row is a vibrant, bike-friendly area of Long Beach that stretches from between Cherry and Junipero. This district is home to more than 40 independent merchants as well as a restored 1920s Art Theatre which hosts a mix of first-run and art films, live concerts and other events.
About Stepp Commercial: Stepp Commercial is a brokerage firm specializing in the multifamily sector for properties ranging in size from $1 million to $50 million throughout Los Angeles County. 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