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6/12/15
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A 15.7k sf, mixed-use property in Long Beach sold for $2.525 mil. The building is located at 1003 Orange Ave, east of Alamitos Ave and north of 7th St, adjacent to the city’s downtown area.
Built in the early 1930s, the property includes 18 apartment units on the second and third floors, six fully occupied retail spaces on the ground floor, and an adjacent 21-space parking lot. The unit mix consists of 10 studios and eight one-bedroom units. At present, the retail portion includes five tenants and one vacant space.
Robert Stepp, principal with Stepp Commercial, represented the seller, Orange & 10th LLC. The buyer, Lunar Bear III LLC, was repped by Matt Pernice of NR Real Estate Brokers. The property closed at a 6.74 percent cap rate and $161 per-square-foot.
According to Stepp, the buyer has plans for a possible billboard on the rooftop of the property to take advantage of the signalized corner lot exposure, and could potentially add value in the future by developing the parking lot.
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