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9/24/15
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Landmark Marketing Corporation has just purchased a fully occupied, 20-unit apartment property in Long Beach for $3.3 mil ($165k/unit). The asset is located at 922 East 2nd St in the Alamitos Beach neighborhood, immediately adjacent to downtown Long Beach.
Built in 1946, the two-story, courtyard-style property consists of eight studio units; 11 one-bedroom units; and one two-bedroom unit. The majority of the units were recently rehabbed with new hardwood floors, updated appliances, and new lighting, fixtures, and paint.
Robert Stepp and Michael Toveg with Stepp Commercial represented the buyer and the seller, 922 E 2nd Street LLC, in the deal. The closing cap rate was 3.8 percent.
“The buyer was looking to acquire a well-located, quality property,” said Stepp. “This asset offered a prime location that is walking distance to the beach and downtown, as well as upside potential in rents.”
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