|
|
12/15/21
|
An eight-unit apartment property located at 26 Belmont in the Belmont Shore area of Long Beach traded for $2.45 mil, or $306k per unit. The buyer was a Los Angeles-based private investor.
Built in 1953, the two-story property consists entirely of one-bedroom units and is located half a block to the beach, bike path, restaurants and bars. The property was 50% occupied at the close of escrow and the new ownership plans on renovating the vacant units and bringing rents to market rates.
Robert Stepp and Todd Hawke with Stepp Commercial represented the seller in the deal. The buyer was repped by Ryan Rembert with KW Commercial. The deal closed at a 4.1% cap rate.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
