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12/11/19
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A 12-unit, two-building apartment property in the desirable Alamitos Beach neighborhood of Long Beach sold for $4.38 mil, or $365k/unit. The property, located at 1316-1322 E. 3rd St, a few blocks north of Ocean Ave and roughly midway between Orange and Cherry Aves, sold at full asking price and a 4.8% cap rate.
The asset consists of a four-unit front building built in 1920 and an eight-unit rear building built in 1989. It offers a desirable mix of four one-bedroom and eight two-bedroom units. Nine of the 12 units are fully renovated, including new flooring, modern kitchens and baths, in-unit laundry, and upgraded fixtures throughout. A particularly valuable feature is the ample parking—20 spaces, with 16 covered spaces and two, two-car garages in a neighborhood that is scare on parking.
In addition to being just three blocks to the beach, bike path and ocean, the prime Alamitos Beach location gives tenants easy access to trendy shopping and dining locations, including Fourth Street, Retro Row, the East Village, and Downtown Long Beach. Long Beach will soon break ground on a $9 million concession stand project at Alamitos Beach, creating a beachfront that will rival any other on the world-renowned Southern California coast.
Robert Stepp and Todd Hawke with Stepp Commercial represented the seller, Santa Monica-based VMG Properties. The buyer was Los Angeles-based North LLC.
“This property provides an excellent investment opportunity for owning an attractive asset in one of the most desirable rental locations in Long Beach with the potential to increase income without any heavy renovations or unit turnovers,” said Stepp. “This submarket commands rents that are approximately 19% higher on average than other Long Beach neighborhoods.”
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