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May 20, 2024
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Res Property in Signal Hill Sells for $389k/Unit


A 24-unit apartment property in the city of Signal Hill sold for $9.325 mil, or $389k/unit. The property is located at 1867 Temple Ave, just north of Pacific Coast Hwy. The buyer plans to complete renovations on units that havenít been recently updated, as well as undertake other capital expenditures to maximize value of the asset.

Built in 1964, the two-story hilltop property overlooks Long Beach and sits on a 13.8k sf lot. It includes 13 one-bedroom units and 11 two-bedroom units as well as 24 subterranean parking spaces. 1867 Temple Avenue offers residents a pool, is elevator served, and is adjacent to Hillbrook Park.

Signal Hill is surrounded by Long Beach and is a well-balanced, financially sound and economically diverse community with a population of over 11,400 people. It is situated just a few miles from Downtown Long Beach which employs more than 40,000 people at its more than 1,500 companies.

Robert Stepp and Michael Toveg of Stepp Commercial represented the Los Angeles-based seller, VMG Properties. Stepp also repped the buyer, a Long Beach-based family office. The deal closed at a cap rate of 3.9%.

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