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July 2, 2020
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Investor Pays $200k/Unit for Value-Add Res Buy in Long Beach


In a recent Long Beach multifamily sales comp, a 10-unit, value-add apartment property located at 1871 Chestnut Avenue in the city’s Wrigley neighborhood sold for $2.03 mil, or around $203k/unit. Built in 1964, the two-story property totals 6.7k sf and includes eight one-bedroom units, two two-bedroom units, and six garages.

The Wrigley neighborhood was one of first communities established in Long Beach. It includes Veteran’s Park, a community park, and provides access to local freeways, light rail (blue line) and Wrigley Marketplace, a transit-oriented shopping district.

Robert Stepp and Travis Traweek of Stepp Commercial represented the seller, a Los Angeles-based private investor. The buyer was a private investor from Los Angeles.

“This asset offers the new ownership a strong opportunity to add value as rents are 17% below market rates,” said Stepp. “The buyer plans to renovate and reposition the property in order to capture area renters looking for quality apartment living within a prime Wrigley neighborhood.”

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