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Transaction marks the highest price per square foot paid in the Bixby Knolls submarket in 2022
Long Beach, Calif. January 10, 2023 – Stepp Commercial Group, a leading multifamily brokerage firm in the Los Angeles market, has completed the $3.61 million sale of a 12-unit, 8,692-square-foot apartment property located at 30 W. 49th Street in the North Bixby Knolls neighborhood of Long Beach, Calif. At just over $415 per square foot, this transaction marks the highest price per square foot paid in the Bixby Knolls submarket in 2022.
Principal Robert Stepp and Senior Vice President Michael Toveg of Stepp Commercial Group represented the Long Beach-based seller, a private investor. John Alden, a Vice President with Stepp Commercial Group represented the Los Angeles-based private, 1031 exchange buyer. The property sold for approximately $300,833 per unit.
Built in 1973, the controlled-access building features 11 two-bedroom units and one one-bedroom unit. There are 12 parking spaces and on-site laundry facilities.
“This property provides the new ownership a value-add opportunity to conduct some light upgrades in order to achieve an approximately 10% rental upside,” said Stepp. “Long Beach has been seeing new development and capital investment as demand for housing and business growth expands. We expect to see that continue in 2023.”
The property is situated in a quiet, residential neighborhood, conveniently accessible to the metro line running along Long Beach Boulevard to Downtown, as well as major commuter thoroughfares.
