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10/01/18
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A 24-unit, 1920s apartment building in the burgeoning East Village Arts District of Long Beach sold for $5.48 mil, or $228.3k/unit. San Diego-based La Mirage MPI, LLC was the buyer in a deal that closed at a 4.2% cap rate.
Built in 1914 and located at 138 Elm Avenue, the 11.7k sf property recently underwent a major renovation. It comprises 16 studios, six one-bedroom units, and two two-bedroom units. The property offers modern, updated kitchens and an attractive, furnished rooftop deck.
Robert Stepp of Stepp Commercial represented the seller, 765 Cerritos LLC, out of Los Angeles. According to Stepp, the buyer was attracted to a turnkey non-rent controlled Long Beach asset and the building’s highly desirable East Village location.
The trendy East Village Arts District offers a lively mix of restaurants, bars, boutiques, music stores, coffee shops, vintage stores, galleries, art studios and bookshops. The location is two blocks from Ocean Blvd and its beachside hotels and amenities, and within walking distance of Downtown Long Beach, which is experiencing an employment boom. The thriving city has added 4,600 new jobs in the past two years.
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