Long Beach, Calif. October 13, 2021 – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $6.1 million sale of a 26-unit apartment property located at 13520 Lemoli Avenue in Hawthorne, CA.
Principal Robert Stepp and Senior Vice President Todd Hawke of Stepp Commercial, along with Josh Cohen of The Cohen Group represented the seller, a Los Angeles-based private investor. Todd Hawke also represented the buyer, a Los Angeles-based private investor. The property sold at a 4.5% cap rate and a price per unit of just under $235,000.
“This very clean, sizable property offered the experienced buyer the opportunity to add value via renovation or by bringing rents to market rates once leases expire,” said Hawke. “Additionally, with a thriving multifamily rental market in Hawthorne, the buyer saw this as a stable investment for a long-term hold.”
Built in the 1970s, 13520 Lemoli Avenue offers residents secure gated pedestrian and vehicle entries into its two buildings and features a mix of 19 one-bedroom units, five two-bedroom units, and two three-bedroom units.
The Hawthorne submarket is an expanding area of the South Bay, providing strong employment growth with companies such as SpaceX and Ring (recently bought by Amazon), along with the brand new Rams NFL Stadium just miles away in neighboring Inglewood.