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3/08/22
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A 13-unit apartment property in the Eastside market of Long Beach sold for $4.375 mil, or $336k per unit. The property, located at 907-927 Grand Ave, closed at a cap rate of 4.3%.
Built in 1923 and 1963, 907-927 Grand Avenue is comprised of three freestanding buildings featuring a mix of seven two-bedroom units and six one-bedroom units. The property has been extensively renovated with units featuring vinyl plank flooring, custom bathroom tile, modern designer cabinets and countertops, appliances and energy-efficient LED lighting. The property includes onsite laundry facilities and eight garages. Four of the garages are in a stand-alone structure and have the capacity to be converted to two ADUs of approximately 350 sf each.
Located in prime Eastside Long Beach, the property provides tenants with convenient, walkable access to a diverse number of amenities including restaurants, retail, daily needs, entertainment and night life. The neighborhood is ranked as one of the best neighborhoods in Long Beach for young professionals by Niche.com.
Robert Stepp and Michael Toveg with Stepp Commercial represented the seller, a Long Beach-based private investor, as well as the buyer, a San Francisco-based private investor.
“This property closed at a high price of approximately $500 per square foot,” said Stepp. “The buyer recognized the upside in rents, its location on a residential street, and potential to add two accessory dwelling units (ADUs) in the future.”
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