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5/23/19
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A two-building, six-unit apartment property in Long Beach sold for $1.775 mil ($296k/unit). The property, located at 1969 Cedar Ave in the city’s South Wrigley submarket, was purchased by a Los Angeles-based private investor.
Built in 1955, the property includes a front house with two bedrooms and a large private patio, and a rear main building with two one-bedroom units and three three-bedroom units. The recently renovated property offers on-site laundry facilities and parking and air conditioning in all units.
The South Wrigley neighborhood of Long Beach is just minutes from Downtown Long Beach. South Wrigley is a district in Long Beach which derives its name from William Wrigley Jr., the owner and founder of the famed Wrigley spearmint gum empire in Chicago. It is one of the first communities established in Long Beach. The area is bounded by Interstate 405 on the north, Pacific Coast Highway on the south, Long Beach Boulevard on the east and the Los Angeles River / Interstate 710 on the west.
Robert Stepp and Mark Witsken with Stepp Commercial represented the seller, also a Los Angeles-based private investor. The property sold at a cap rate of 4.8%.
“This is a property in the rapidly improving South Wrigley area of Long Beach,” said Stepp. “A number of owners have updated and improved their buildings on this street, and investor interest has increased here.”
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