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March 21, 2018
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Long Beach Res Asset Trades for $323k/Unit


Livingston Oasis Apartments, a 26-unit apartment property in the Belmont Shore submarket of Long Beach, sold for $8.4 mil, or $323k/unit. The buyer was Waterford Residential.

Built in 1943, the garden-style, four building, two-story property is located at 5120 East Livingston Dr and consists of 26 one-bedroom units. Amenities include a community pool, lush landscape and 13 private garages.

Robert Stepp of Stepp Commercial represented both the buyer and the seller, Sherry Trust. The property closed at a 2.3% cap rate.

“This asset offered a rare opportunity to enter the Belmont Shore market with an attractive value-add investment,” said Stepp. “Its location in one of the highest barrier to entry submarkets in Long Beach and its proximity to the 2nd Street retail corridor ensure its long-term value. Additionally, its under market rents offer a potential 50% rental upside over time.”

Belmont Shore is one of the best neighborhoods in Long Beach and enjoys easy access to the freeways, Los Angeles and Orange County. The neighborhood has fantastic schools, great beaches, tons of amenities, and is one of the most walkable areas of Long Beach. At the heart of this beachside community is the district’s 2nd Street retail corridor. 2nd Street is home to more than 250 businesses including boutiques, coffee houses, restaurants, cafe, bars, bakeries and sweet shops, gift shops, jewelry stores, floral shops, book stores, along with some national retailers.

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