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3/17/20
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An OC-based private investor paid $2.45 mil for a seven-unit apartment property in Long Beach. The property is located at 33 Nieto Ave in the city’s Belmont Shore submarket, just one block from the ocean.
Built in 1947, 33 Nieto consists entirely of large, one-bedroom/one-bathroom units. It also features a landscaped central courtyard, two garages and two parking spaces. Ranked the #1 Best Neighborhood for Young Professionals by Niche.com, Belmont Shore offers residents access to ocean and bay beaches, the bike path that runs through Alamitos Beach to Downtown Long Beach and all of the restaurants, bars and other amenities along 2nd Street.
Robert Stepp of Stepp Commercial represented the seller, a Long Beach-based private investor who has owned properties for a number of years in Long Beach and is now looking to exchange into properties out of state. The transaction closed at a low cap rate of 3.8% and a price per unit of $350k.
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