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December 10, 2017
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SOUTHERN CALIFORNIA NEWS
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Res Property in Belmont Heights Area of Long Beach Sells for $331k/Unit

11/28/17

Redondo Avenue Apartments, an eight-unit apartment property in the Belmont Heights submarket of Long Beach, traded hands in a recent $2.65 mil ($331k/unit) transaction. The deal closed at a 3.8% cap rate.

Built in 1964, this single building, two-story property is located at 362 Redondo Blvd, in the south-east portion of the city of Long Beach bordering the Pacific Ocean and the more commercial community of Belmont Shore. It is within walking distance of the shops and restaurants along E. 4th Street and Rose Park, Bluff Park and Bixby Park.

The property consists of seven two-bedroom and one four-bedroom units. Amenities include recently renovated kitchens, hardwood flooring, private garages and ample adjacent surface parking. The property was 100 percent occupied at time of closing.

Robert Stepp of Stepp Commercial represented the seller, Seaward Road Enterprises LLC. Chris Eto with Stasia America Properties repped the buyer, Teddy 48 LLC.

“Belmont Heights remains one of the best residential and lifestyle submarkets in Long Beach, popular for its independent spirit and artistic culture,” said Stepp. “It’s location near Retro Row on 4th Street and its vast array of merchants offers a truly urban lifestyle, and the property’s below market rents and non-rent controlled status offers a 20 percent rental upside over time.”




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