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SOUTHERN CALIFORNIA NEWS
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Apartment Property in Long Beach Sells for $323k/Unit

7/19/22

An 11-unit apartment property in the Alamitos Beach submarket of Long Beach sold for $3.55 mil ($323k/unit). The property is located at 366 Walnut Ave, just one block from Fourth Street/Retro Row.

Built in 1923, the bungalow-style property includes ten one-bedroom units and one two-bedroom unit. All the units were recently renovated with a number of upgrades including new countertops, laminate wood flooring stainless steel appliances, bathtubs and vanities, ceiling fans and lighting, among others.

Alamitos Beach is a coveted coastal neighborhood that is a short walk to the beach, bike path, volleyball courts, bars and restaurants along the Broadway Corridor, and trendy shops and dining establishments on Fourth Street-Retro Row.

Robert Stepp and Michael Toveg of Stepp Commercial represented the buyer and the seller, both Los Angeles-based private investors. The property sold at a cap rate of 4.2%, and a gross rent multiplier (GRM) of 15.7.

“This turnkey, well-located property attracted a number of investors as it offered a stabilized opportunity as well as the possibility of adding an ADU by converting the garage into a studio unit,” said Stepp.




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