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5/16/17
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Bay Shore Apartments, a nine-unit apartment property adjacent to the Belmont Shore neighborhood of Long Beach, was purchased for $4.1 mil by a private investor from Los Angeles. The property closed at a 3.8 percent cap rate and a price per unit of nearly $456,000, which is a record high for the area.
Built in 1946, the two-story property is located at 20 Bay Shore Ave and consists entirely of two-bedroom units. The asset includes a front porch, private garages and a laundry facility. Some of the units have been upgraded with hardwood floors, granite countertops and custom cabinetry.
Robert Stepp and Michael Toveg of Stepp Commercial represented the seller, also a private investor. Todd Hawke, also with Stepp, repped the buyer in the deal.
“Bay Shore Apartments is just steps from the beach in the prestigious Belmont Shore neighborhood,” said Stepp. “It offers the buyer a 15 percent rental upside and sold for full asking price.”
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