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5/08/17
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A private investor out of Signal Hill paid $2.65 mil for a 13-unit ($204k/unit) apartment property in Downtown Long Beach. The property closed at a 4.3 percent cap rate.
Built in 1983, the two-story property is located at 336 E. 8th St. The unit mix includes nine one-bedroom units, three two-bedroom units, and one three-bedroom unit. The property features large unit sizes as well as garage parking.
Robert Stepp and Michael Toveg of Stepp Commercial represented the buyer and the seller, Santa Barbara-based 336 E 8th LLC.
“This property offered the buyer an upside in rents once the units are upgraded, as well as an ideal location in the downtown Long Beach area which has been seeing a significant amount of growth and gentrification in recent years,” said Toveg.
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