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3/22/21
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A 10-unit apartment property within the Willmore City Historic District of downtown Long Beach has traded hands for $3.175 mil ($318k/unit). The property, located at 310 West 8th St, was purchased by an L.A.-based 1031 exchange investor.
Built in 1929, the three-building, two-story property includes four two-bedroom units and six one-bedroom units. Nine of the spacious units were recently renovated to include high-end finishes and fixtures, in-unit washer/dryers, and recessed lighting among other upgrades.
The property is within downtown’s up-and-coming Willmore City Historic District and is accessible to job centers along with retail, dining and entertainment amenities. Additionally, the 7th Street entrance to the 710 Fwy is just around the corner from the property.
Robert Stepp and Mark Witsken with Stepp Commercial represented the Long Beach-based seller, a private investor. The closing cap rate was 5.2% and the gross rent multiplier (GRM) was 12.9.
“Our seller client opted to sell this asset and trade into an out-of-state property. This has been an increasing trend lately as long-time landlords seek out more tax-friendly markets such as Arizona, Florida and Texas to create future upside,” said Stepp.
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