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8/08/23
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A local private investor paid $2.65 mil for an eight-unit ($331k/unit) multifamily property located at 1206 Gladys Ave in Long Beach.
Built in 1986, 1206 Gladys Avenue features all two-bedroom, two-bathroom units with two highly upgraded units. It also includes an onsite laundry room and 14 parking spaces.
Larry Bustamonte of Stepp Commercial Group repped the buyer in the deal. Robert Stepp, John Alden and Mark Witsken of Stepp Commercial Group represented the Los Angeles-based seller, a private investor. Stepp Commercial is also assisting the seller identify a cash-flowing, out-of-state asset as part of the upleg in this 1031 exchange transaction.
“This property provides the new ownership with a value-add opportunity,” said Stepp. “Rents are currently about 20% below market and upgrading the rest of the units will also elevate the lease rate.”
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