The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
September 30, 2023
 Search RENTV
 The REview
News Home Page
Southern California
Northern California
Pacific Northwest
Prop. Management
Press Releases
 R. E. Marketplace
Service Providers
Property Spotlight
 RENTV  Conferences
Subscriber Login:
Forgot Password?

Printer-friendly Version   Email an Associate
Apartment Property in Long Beach Sells for $323k/Unit


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.

Return to the Archive page




Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2023 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media