LONG BEACH, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.65 million sale of the Redondo Avenue Apartments, an eight-unit apartment property in the Belmont Heights submarket of Long Beach, Calif.
Principal Robert Stepp of Stepp Commercial represented the seller, Seaward Road Enterprises LLC. Chris Eto with Stasia America Properties represented the buyer, Teddy 48 LLC. The property closed at a 3.8 percent cap rate and a price per unit of $331,250.
Built in 1964, this single building, two-story property is located at 362 Redondo Blvd. and consists of seven two-bedroom and one four-bedroom units. Amenities include recently renovated kitchens, hardwood flooring, private garages and ample adjacent surface parking. The property was 100 percent occupied at time of closing.
“Belmont Heights remains one of the best residential and lifestyle submarkets in Long Beach, popular for its independent spirit and artistic culture,” said Stepp. “It’s location near Retro Row on 4th Street and its vast array of merchants offers a truly urban lifestyle, and the property’s below market rents and non-rent controlled status offers a 20 percent rental upside over time.”
Belmont Heights is a district in the south-east portion of the city of Long Beach bordering the Pacific Ocean and the more commercial community of Belmont Shore. The property is located at 362 Redondo Avenue on a safe, quiet, residential street just a few blocks from the beach. The property is also within walking distance of the shops and restaurants along E. 4th Street and Rose Park, Bluff Park and Bixby Park. Dubbed “Retro Row,” and stretching on E. 4th Street between Cherry and Junipero, the district is home to an exciting group of more than 40 independent merchants.
About Stepp Commercial: Stepp Commercial is a brokerage firm specializing in the multifamily property sector. Stepp Commercial’s mission is to provide apartment owners with a fully integrated sales platform that includes comprehensive market knowledge and local real estate expertise to successfully complete any type of multifamily transaction. For more information visit steppcommercial.com
Original Article was released on MultifamilyBiz.com