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August 11, 2020
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Long Beach Apartment Property Bought by L.A. Investor in $4.65 Mil Deal


In a recent apartment comp from Long Beach, a value-add, 20-unit property sold for $4.65 mil ($232k/unit). The property, located at 5075 Atlantic Ave, was sold by Torrance-based Realty Holding PSJC LLC.

Built in 1979, the property sits on an oversized lot which is just over one-half acre, and includes nine one-bedroom units, 10 two-bedroom units and one three-bedroom unit. The asset also includes 22 garages and 11 additional parking spaces.

The buyer was a Los Angeles-based private investor. Robert Stepp of Stepp Commercial represented the seller. The deal came in at a cap rate of 5.9% and 11.2 gross rent multiplier on actual rents.

“This property provides the buyer with an opportunity to add value by updating the landscaping and upgrading unit interiors,” said Stepp. “As public and private investment capital continues to drive new development throughout the city, the north Long Beach area is now beginning to see growth as well as there are a number of new single family homes, townhomes, mixed-use projects and modern commercial space that are in various stages of planning and development.”

City proponents, such as Vice Mayor Rex Richardson, local developers, artists and business owners have been banding together with the goal of revitalizing north Long Beach to create community and fuel excitement about this historically underserved submarket. In particular, there has been an effort to bring art and cultural events to the area, centering around the 24.7k sf, state-of-the-art Michelle Obama Public Library.

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