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May 19, 2022
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Long Beach Apartment Building Sells for $286k per Unit


An OC-based private investor paid $2.29 mil for an eight-unit ($286.3k/unit) apartment property in Long Beach. The property is located at 912 Gladys Ave, in the city’s Rose Park Historic District.

Built in 1963, 912 Gladys Avenue includes one three-bedroom townhouse and seven two-bedroom units. The property also offers onsite laundry facilities and four private single car garages. It is located in the quiet, residential Rose Park Historic District and is nestled among 1920s Craftsman-style homes.

The asset’s location provides walkable access to a number of retail and dining options including those of the eclectic and hip Fourth Street Retro Row area which is a popular destination for its selection of vintage and contemporary clothing, furniture, home goods, art and antiques, as well as locally-owned restaurants, coffee shops and wine bars.

Robert Stepp and Todd Hawke with Stepp Commercial represented the seller, a Long Beach-based private investor. The property closed at a 4.9% cap rate.

“This property has been well-maintained and six of the units were recently renovated,” said Hawke. “The particular neighborhood continues to see significant interest from investors as renters seek to be in a convenient location in the heart of the city’s Eastside which has a great vibe and mix of amenities.”

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