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Los Angeles, Calif. March 16, 2021 – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2 million sale of an eight-unit apartment property located at 1335 Stanley Avenue in the Eastside neighborhood of Long Beach, CA.
Principal Robert Stepp and Vice President Mark Witsken represented the San Diego-based seller, a private investor who completed a reverse 1031 exchange. The buyer was a Los Angeles-based investor who was in a 1031 exchange. The closing cap rate was 5.7 percent and the gross rent multiplier (GRM) was 11.8.
“This property offered the buyer a newly renovated, well-located property in the popular Eastside neighborhood of Long Beach. This area is coveted by renters as it is walkable to a number of retail, shopping and dining amenities and is just a ten-minute drive to downtown,” said Stepp.
He added, “This asset also provides a 16 percent upside in market rents and garage rentals as the leases expire.”
The two-story building features a mix of two large three-bedroom units, four two-bedroom units and two one-bedroom units. There is a common laundry room as well as washer/dryer in most units and there are four individual garages and two open parking spaces. Some of the asset’s recent renovations include electrical upgrades, laminate wood floors, granite counter tops, new cabinets, new paint, new appliances and new water heaters.
