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LOS ANGELES COUNTY NEWS
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Renovated Long Beach Apartment Building Sells for $368k per Unit

6/28/21

A newly renovated, 11-unit apartment property in Long Beach’s Fourth Street / Retro Row neighborhood sold for $4.05 mil, or $368k per unit. Built in 1948, the property is located at 2104 E. Florida, just east of Cherry Ave between 3rd and 4th Streets.

The property consists of 10 one-bedroom units and one studio. A comprehensive renovation was recently completed that totaled more than $600k of capital improvements.

Extensive interior unit renovations included the installation of new laminate flooring, custom shaker-style cabinets, quartz countertops, washer/dryers in most units, stainless steel appliances, designer bathroom tile, pedestal sinks, and modern lighting, ceiling fans and fixtures throughout. New exterior and building system renovations were also conducted.

Robert Stepp and Todd Hawke of Stepp Commercial represented the seller, a Long Beach-based private investor. The buyer was a local private investor who was in a 1031 exchange. The property closed at a 4.8% cap rate and a gross rent multiplier (GRM) of 13.8.





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