May 22, 2019
LONG BEACH, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $1.775 million sale of a two-building six-unit apartment property located at 1969 Cedar Avenue in the South Wrigley submarket of Long Beach.
Principal Robert Stepp and Vice President Mark Witsken of Stepp Commercial represented the seller, a Los Angeles-based private investor. The buyer was also a L.A-based private investor. The property sold for a strong per-unit price of $295,833, and at a cap rate of 4.8 percent.
Built in 1955, the property includes a front house with two-bedrooms and a large private patio, and a rear main building with two one-bedroom units and three three-bedroom units. The recently renovated property offers on-site laundry facilities and parking and air conditioning in all units.
“This is a property in the rapidly improving South Wrigley area of Long Beach,” said Stepp. “A number of owners have updated and improved their buildings on this street, and investor interest has increased here.”
“The buyer recognized the turnkey opportunity with this asset and saw the potential for appreciation over the coming years, paying a premium price for comparable apartment properties in this submarket,” added Witsken.
The South Wrigley neighborhood of Long Beach is just minutes from Downtown Long Beach. South Wrigley is a district in Long Beach which derives its name from William Wrigley Jr., the owner and founder of the famed Wrigley Spearmint Gum Empire in Chicago. It is one of the first communities established in Long Beach. The area is bounded by Interstate 405 on the north, Pacific Coast Highway on the south, Long Beach Boulevard on the east and the Los Angeles River / Interstate 710 on the west.