March 17, 2020— Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the approximately $2.45 million sale of a seven-unit apartment property located at 33 Nieto Avenue in the Belmont Shore submarket of Long Beach, CA. The property is in a prime location just one block from the ocean.
Principal Robert Stepp of Stepp Commercial represented the seller, a Long Beach-based private investor who has owned properties for a number of years in Long Beach and is now looking to exchange into properties out of state. The buyer was a private investor from Orange County. The transaction closed at a low cap rate of 3.8 percent and a price per unit of $350,000.
“This property is in an irreplaceable Belmont Shore location which is one of the most desirable beachside rental markets in Southern California,” said Stepp. “We had a lot of investor interest on this asset and secured a strong buyer.”
Built in 1947, 33 Nieto consists entirely of large, one-bedroom/one-bathroom units. It also features a landscaped central courtyard, two garages and two parking spaces. Ranked the #1 Best Neighborhood for Young Professionals by Niche.com, Belmont Shore offers residents access to ocean and bay beaches, the bike path that runs through Alamitos Beach to Downtown Long Beach and all of the restaurants, bars and other amenities along 2nd Street.