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8/16/17
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An LA-based private investor paid $4.9 mil for East Fifth Street Apartments, a 20-unit apartment property located near the Retro Row and Belmont Heights submarkets in Long Beach. The property closed at a 4.2% cap rate and a price per unit of $245k.
Built in 1961, the two-story property is located at 3025 East 5th Street and includes 10 two-bedroom units and 10 one-bedroom units. Some of the interiors feature hardwood flooring and upgraded kitchens with granite countertops and stainless steel appliances.
Robert Stepp of Stepp Commercial represented the buyer and the seller, an Orange County-based private investor.
“By adding value to the units that have not already been updated, the buyer stands to secure a 25 percent rental upside,” said Stepp. “Long Beach is a prime market to add value to apartment properties as it has no rent control, unlike to many other Los Angeles area cities.”
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