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3/05/20
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A Santa Monica investor paid $4.69 mil for a 14-unit apartment property in Long Beach. The property is located 1429 Florida St, in the city’s Alamitos Beach submarket, near the East Village Arts District and downtown Long Beach.
Built in 1987, the property is situated on a quiet street and features 14 spacious two-bedroom/two-bath units surrounding an interior courtyard. Four of the units have been fully renovated. The upper units offer vaulted ceilings and all units feature private balconies as well as in-unit washer/dryers. There are also 14 subterranean garage parking spaces.
Robert Stepp of Stepp Commercial represented the seller, a Long Beach-based private individual. The transaction closed at a cap rate of 4.7% and a price per unit of nearly $335k.
“The seller had owned this well-maintained asset for 15 years and is selling several Long Beach properties in order to consolidate and exchange into office product in Northern California,” said Stepp. “The buyer was attracted to this quality property as it offered a value-add play and is well-located on a quiet residential street in the prime Alamitos Beach residential submarket. Rents here are typically 19 percent higher than other nearby neighborhoods.”
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