Long Beach, Calif. December 10, 2021 – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.45 million sale of an eight-unit apartment property located at 26 Belmont in the Belmont Shore area of Long Beach, CA.
Stepp Commercial’s Principal Robert Stepp and Senior Vice President Todd Hawke represented the sell, a Los Angeles-based private investor. The buyer was a Los Angeles-based private investor and was represented by Ryan Rembert, Director of Multifamily Investments at KW Commercial. The property closed at a 4.1 percent cap rate and at a price per unit of just under $306,250.
Built in 1953, the two-story property consists entirely of one-bedroom units and is located half a block to the beach, bike path, restaurants and bars.
“This prime Belmont Shore property was 50% occupied at the close of escrow and the new ownership plans on renovating the vacant units and bringing rents to market rates,” said Stepp. “We secured a significant amount of interest and offers on this asset. Long Beach inventory remains tight and investors are sitting on the sidelines looking to jump on coastal investment opportunities like this asset.”