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5/24/17
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Cherry Avenue Apartments, a 12-unit apartment property within the Retro Row neighborhood of downtown Long Beach, traded hands at a price of $3.3 mil ($275k/unit). The buyer was a private investor from Palos Verdes.
Built in 1963, the two-story property is located at 546 Cherry Ave, east of Alamitos Ave at 6th St. It is situated less than one-mile from the ocean and is just three blocks from the more than 40 shops and restaurants of Retro Row on East 4th Street.
The property includes seven one-bedroom units, three two-bedroom units and two studio units. It offers ample parking, controlled access entry and a laundry facility.
Robert Stepp and Michael Toveg of Stepp Commercial represented the seller, 546 Cherry Waterford LLC, from Long Beach. The property closed at a 4.4% cap rate.
“This property was recently renovated and offered the buyer an upgraded, turn-key asset. We received a number of offers and was sold at full asking price,” said Stepp.
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