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5/24/18
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An eight-unit apartment building in the Belmont Heights submarket of Long Beach sold for $2.75 mil, or $343.7k/unit. The transaction closed at a 4.7% cap rate.
Built in 1954, East 1st Street Apartments is a two-story building located at 3719 E. 1st St. It consists of eight two-bedroom/two-bath units on an 8.8k sf lot. The property features an elegant brick façade, hardwood floors, spacious units, high ceilings and an interior courtyard.
Robert Stepp and Todd Hawke with Stepp Commercial represented the seller, Long Beach Trading Company. Stepp also represented the buyer, Seaward LLC.
“We secured a buyer who offered $100k over the asking price for this well-situated property on a corner lot with a tremendous value-add upside,” said Stepp. “The prime location is within walking distance of Belmont Shore’s 2nd Street shopping area, and a short walk to the beach and Belmont Pier.”
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