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3/19/21
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An L.A.-based exchange investor paid $2 mil for an eight-unit ($250k/unit) apartment property in the Eastside neighborhood of Long Beach. Located at 1335 Stanley Ave, the property was sold by a private investor who completed a reverse 1031 exchange.
The two-story building features a mix of two large three-bedroom units, four two-bedroom units and two one-bedroom units. There is a common laundry room as well as washer/dryer in most units and there are four individual garages and two open parking spaces. Some of the asset’s recent renovations include electrical upgrades, laminate wood floors, granite counter tops, new cabinets, new paint, new appliances and new water heaters.
Robert Stepp and Mark Witsken with Stepp Commercial represented the San Diego-based seller. The closing cap rate was 5.7% and the gross rent multiplier (GRM) was 11.8.
“This property offered the buyer a newly renovated, well-located property in the popular Eastside neighborhood of Long Beach. This area is coveted by renters as it is walkable to a number of retail, shopping and dining amenities and is just a ten-minute drive to downtown,” said Stepp.
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