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2/01/22
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A 16-unit apartment property in Long Beach traded hands in a recent $6.3 mil ($394k/unit) transaction. The property is located at 445-455 Rose Ave in the city’s 4th Street / Retro Row neighborhood.
Built in 1963, 445-455 Rose Avenue consists of two mid-century modern buildings and a landscaped central courtyard with a BBQ and built-in seating. The unit mix includes four three-bedroom units, eight two-bedroom units, and four one-bedroom units. Fourteen of the units are completely remodeled and feature wood laminate flooring, custom cabinetry, quartz countertops, stainless steel appliances, and designer lighting and fixtures throughout.
The eclectic, hip, 4th Street / Retro Row neighborhood has developed into a bustling, walkable neighborhood offering many dining, nightlife and retail amenities, and is a popular destination for its selection of independent vintage and contemporary clothing, furniture, home good, skateboard shops, art and antiques galleries, as well as locally-owned restaurants, coffee shops and wine bars.
Robert Stepp and Michael Toveg with Stepp Commercial represented the seller, a SoCal-based private investor, as well as the buyer, a Los Angeles-based private investor. The property closed at a 4.3% cap rate. According to Stepp, the listing generated multiple offers within days of being placed on the market.
“The buyer liked that this was a turn-key apartment property in a good location,” noted Toveg. “With interest rates low, the buyer was able to secure a favorable interest only loan that will generate over 6% cash-on-cash return.”
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