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April 14, 2021
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SOUTHERN CALIFORNIA NEWS
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Historic Apartment Property in Downtown Long Beach Bought by L.A. Investor for $5.7 Mil

4/05/21

A historic, 25-unit apartment property in the West Gateway submarket of downtown Long Beach sold for $5.735 mil ($229.4k/unit). The property, located at 330 Cedar Ave, within walking distance to a diverse set of employment opportunities as well as Pine Avenue, The Pike and other local attractions, was purchased by an LA-based private investor.

Built in 1915, 330 Cedar Avenue is a three-story property comprised of 20 studio units, four one-bedroom units and one three-bedroom unit. In addition to offering the charm and character of hardwood floors, wood built-ins and crown molding, 15 of the units were fully renovated in 2019/2020 to include new tile and cabinets in kitchens and bathrooms, granite countertops, modern faucets and lighting fixtures.

Robert Stepp and Michael Toveg of Stepp Commercial represented the seller, a Long Beach-based private investor. The transaction had a closing cap rate of 3.9%.

“The downtown Long Beach area continues to be coveted by apartment investors as jobs and population growth continues,” said Stepp. “The buyer liked the upgraded property and plans on holding long-term. The seller is looking to increase cash flow by exchanging into an out-of-state asset.”

The West Gateway area is one of downtown Long Beach's six historic neighborhoods and is the center of finance and government. The area is home to the Long Beach Civic Center, the World Trade Center, the County's George Deukmejian Courthouse and many of the city's office high-rises and other government buildings. With an array of housing options, residents enjoy easy access to their offices and walkability to all of downtown's offerings.




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