Long Beach, Calif. – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $5.5 million sale of a 14-unit apartment property located one block from the ocean at 1425 Ocean Avenue, Long Beach, CA.
Stepp Commercial Principal Robert Stepp and Senior Vice President Todd Hawke represented the seller, a Long Beach-based private investor, as well as the buyer, a Los Angeles-based private investor. The property sold at a price per unit of approximately $393,000.
“The buyer was looking to secure a value-add opportunity in a great neighborhood,” said Hawke. “Thirteen of the units were delivered vacant at the time of sale providing a rare opportunity for the new ownership to undergo unit renovations and secure market rents once they are complete.”
Post-renovation, the fully stabilized cap rate is anticipated to be 5.5%.
Built in 1951, the property includes 12 one-bedroom units and two two-bedroom units. It also has a 500-square-foot laundry room with ocean views that provides the potential to convert into an additional apartment unit. The property also includes outdoor patios and five garages.
The property is situated in the Alamitos Beach, one of the most desirable neighborhoods in Long Beach. Ideally positioned between Belmont Shore and downtown Long Beach, the property is just one block to the ocean, and is near a bike path, Bixby Park, and 4th Street / Retro Row.
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.
