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August 11, 2020
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Investor Pays $433k/Unit for Apartment Building in Long Beach


A six-unit apartment property the Alamitos Beach submarket of Long Beach traded hands in a recent $2.6 mil transaction. The property, located at 319 Walnut Ave, fetched $433k/unit in a deal that had a cap rate of 4.3%.

Built in 1967, 319 Walnut Avenue is walking distance to the beach and the Long Beach bike bath, as well as the dining and nightlife amenities of 4th Street/Retro Row area. The property includes five two-bedroom units and one three-bedroom unit. The units feature refurbished hardwood floors, built-ins, modern updated kitchens and baths, and tile fireplaces. The property also includes eight parking spaces which is rare for the neighborhood.

Robert Stepp and Michael Toveg of Stepp Commercial represented the seller, a Long Beach-based private investor. The buyer was Los Angeles-based Vamidi LLC.

“Alamitos Beach is a highly sought-after rental neighborhood, and therefore a desirable submarket for investors,” said Stepp. “Rents in Alamitos Beach are 19% higher than the rest of Long Beach due to its walkability to the beach, Fourth Street/Retro Row and the booming East Village Arts District.”

“This particular seller does a great job of impactful remodeling – typically focusing on upgrading flooring, paint, kitchens, baths and fireplaces, and installing new modern bathroom vanities and fixtures throughout,” added Toveg. “These attractive renovations, along with having ample parking in this typically under-parked beach neighborhood were very attractive to buyers and allowed us to achieve such a strong per-door price.”

The City of Long Beach continues to attract new residents and businesses. Since August 2016, Long Beach has seen 4,600 jobs added to the market, bringing its employment base to nearly 230,000. Long Beach has an unemployment rate of 5.9%, with job growth projected to increase 37.1% over the next ten years. A mix of diverse industry sectors, particularly commerce, aerospace and defense, and medical and health services have continued to drive employment growth for Long Beach and the greater Southern California region.

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