Stepp Commercial completed the $4.1 million sale of Bay Shore Apartments in the Belmont Shore neighborhood of Long Beach, Calif.
Principal Robert Stepp and Vice President Michael Toveg represented the seller and Vice President Todd Hawke represented the buyer, both private investors from Los Angeles. The property closed at a 3.8 percent cap rate and a price per unit of nearly $456,000, which is a record high for the Belmont Shore area.
The two-story, nine-unit community offers two-bedroom floorplans and was originally built in 1946. Unit features include hardwood floors, granite countertops and custom cabinetry. Residents of the property will have access to amenities such as front porches, private garages and a laundry facility.
“Bay Shore Apartments is a trophy asset for this new buyer as it is just steps from the beach and offers additional rental upside,” Stepp told Multi-Housing News. “The Long Beach market continues to draw investor interest as it offers a growing population of young professionals and is a non-rent controlled market, unlike other nearby Los Angeles County cities.”
Image courtesy of Stepp Commercial