LONG BEACH, CA - Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $8.4 million sale of the Livingston Oasis Apartments, a 26-unit apartment property in the Belmont Shore submarket of Long Beach, Calif.
Principal Robert Stepp of Stepp Commercial represented both the seller, Sherry Trust, and the buyer, Waterford Residential. The property closed at a 2.3 percent cap rate and a price per unit of $323,077.
Built in 1943, this garden-style, four building, two-story property is located at 5120 East Livingston Drive and consists of 26 one-bedroom units. Amenities include a community pool, lush landscape and 13 private garages.
“This asset offered a rare opportunity to enter the Belmont Shore market with an attractive value-add investment,” said Stepp. “Its location in one of the highest barrier to entry submarkets in Long Beach and its proximity to the 2nd Street retail corridor ensure its long-term value. Additionally, its under market rents offer a potential 50 percent rental upside over time.”
Belmont Shore is one of the best neighborhoods in Long Beach and enjoys easy access to the freeways, Los Angeles and Orange County. The neighborhood has fantastic schools, great beaches, tons of amenities, and is one of the most walkable areas of Long Beach. At the heart of this beachside community is the district’s 2nd Street retail corridor. 2nd Street is home to more than 250 businesses including boutiques, coffee houses, restaurants, cafe, bars, bakeries and sweet shops, gift shops, jewelry stores, floral shops, book stores, along with some national retailers.
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