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January 18, 2022
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Long Beach Apartment Building Comps at $236k/Unit


In a recent multifamily sales comp from Long Beach, a 22-unit apartment property sold for $5.2 mil ($236k/unit). Built in 1963, the property is located at 1315 W. 19th St, north of Hwy 1 and west of the 710 Fwy.

The property is situated on an oversized corner lot, and includes two one-bedroom units, 16 two-bedroom units and four three-bedroom units as well as 14 garages, gated access, and on-site laundry facilities. Half of the units were recently fully renovated to include laminate hardwood flooring, custom shaker-style cabinets, quartz countertops, stainless steel appliances, new bathroom tile and modern lighting, ceiling fans and fixtures throughout.

Robert Stepp and Michael Toveg of Stepp Commercial represented the Long Beach-based seller, who was in a 1031 exchange. The buyer was a Chino-based private investor. The deal had a closing cap rate of 5.4% and the gross rent multiplier (GRM) was 12.

“The inventory in this submarket of Long Beach is very low,” said Stepp. “This opportunity provided the buyer with an attractive cap rate as well as an estimated rental upside of 14%.”

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