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November 12, 2019
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LOS ANGELES COUNTY NEWS
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Long Beach Apartment Property Gets $237.5k/Unit in Recent Sale

10/11/19

A 12-unit apartment property in Long Beach sold for $2.85 mil ($237.5k/unit). The property is located at 5558 to 5562 Dairy Ave, just east of Long Beach Blvd and the 710 Fwy.

Built in 1961, the two-building property totals 7.7k sf and features four one-bedroom units and eight two-bedroom units. All 12 units were recently renovated to include hardwood flooring, custom cabinetry, granite countertops, stainless steel appliances and modern lighting and fixtures.

Robert Stepp of Stepp Commercial represented the seller, a San Diego-based private investment group. Travis Traweek of Stepp Commercial repped the buyer, Los Angeles-based LB View Inc. The transaction closed at a 6% cap rate.

“This property offered the buyer a turnkey investment in the heart of the north long beach submarket, an area that is undergoing an infusion of capital investment with a number of new projects in the various stages of development,” said Stepp. “We worked with the seller who was in a 1031 exchange and trading out of Long Beach, as well as the buyer who was in the upleg of an exchange. Ultimately, we provided a smooth transaction process meeting timely requirements of both 1031s.”

The north Long Beach submarket has been experiencing a revitalization, benefitting from the billions of dollars of investment in recent years in in downtown Long Beach and neighboring areas. Some of the projects in north Long Beach include The Uptown, an $8.5 mil retail project, expected to open soon and will encompass about 35k sf of building space. Additionally, Uptown Commons on Atlantic Avenue will feature restaurants and a full service bank, among other projects which include residential and public facilities.




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