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9/07/21
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A 20-unit apartment property located at 1000 Redondo Ave in the Eastside submarket of Long Beach sold for $4.455 mil, or $222.8k/unit. The buyer was a private investor out of Los Angeles.
Built in 1929, the 9.6k sf, two-story building is located on an oversized, 6.3k sf lot. It comprises six one-bedroom/one-bathroom units and 14 studio units. The Spanish-style property features an arched, controlled-access entry. It recently underwent a full renovation that included unit upgrades including new vinyl plank flooring, designer kitchen cabinets, new appliances, new bathroom vanities and fixtures, upgraded ceiling fans, and new lighting fixtures throughout, as well as new building systems upgrades.
Robert Stepp and Michael Toveg of Stepp Commercial represented the seller, a Long Beach-based private investor. Toveg also repped the buyer in the deal. The property closed at a 4.9% cap rate and a GRM of 12.8.
“Long Beach’s Eastside is well-located near California State University, Long Beach, and is adjacent to the Belmont Heights market,” said Stepp. “This turnkey property had a lot of interest from potential buyers as a growing number of investors are seeking ease of ownership without the expense and inconvenience of making updates and embarking on deferred maintenance issues.”
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