Long Beach, Calif. November 12, 2021 – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $4.5 million sale of a 14-unit apartment property located at 1142 E. 1st Street in the prime Alamitos Beach submarket of Long Beach, CA.
Principal Robert Stepp and Senior Vice President Michael Toveg of Stepp Commercial represented the seller, a Long Beach-based private investor. The buyer was a Los Angeles-based private investor who paid all cash. The property sold at a 4.1% cap rate, a gross rent multiplier (GRM) of 14.9 and a price per unit of just over $321,000.
“This property is in a very desirable location and was a turn-key opportunity for the buyer,” said Stepp. “The seller plans to invest into an out of state apartment property to create stronger cash-flow and promote long-term rent growth and appreciation.”
Originally built in 1913 with a second building added to the site in 1957, The recently remodeled/like new property includes a unit mix of two, two-bedroom units and 12, one-bedroom units some with private patios and a majority with washer/dryers. There is a large roof deck on the third floor of the back building that provides a common outdoor entertainment space and there are five garages, one carport and two parking spaces.
Located just one block from Ocean Boulevard and two blocks from downtown Long Beach, the property is just several blocks from a plethora of restaurants, coffee shops, clothing stores, the arts district/art studios, entertainment, and the Metro, among other nearby amenities.