January 25, 2019– Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the portfolio sale of two apartment buildings totaling 14 units in Long Beach. The total sale price was $4.53 million with a per unit price of approximately $323,500.
Principal Robert Stepp of Stepp Commercial represented the seller, Paul Fuhrman, Managing Partner of Santa Monica-based Miramar Capital. Stepp and Vice President Todd Hawke of Stepp Commercial represented the individual overseas all-cash buyers.
“Foreign buyers are attracted to U.S. investment properties because they are able to realize a higher rate of depreciation and coastal apartment locations like these assets are desirable due to renter demand,” said Stepp.
Both properties were built in the 1980s and feature spacious two-bedroom townhouse units, many with in-unit washers and dryers. The in-place cap rate for both properties was 4.5 percent. The following is information on each of the sold assets:
- 314 Hermosa Avenue, located in the coveted Alamitos Beach neighborhood, sold for $2.53 million. The property offers eight units with twelve on-site parking spaces, and is just blocks from the shopping, dining and nightlife amenities along Fourth Street/Retro Row.
- 4231 E. 10th Street, located in rapidly up-and-coming Belmont Heights, sold for $2 million. The property offers six units and ten on-site parking spaces. Residents of this submarket enjoy a quiet, residential ambience with proximity to the beach and walkability to the restaurants and bars on 2nd Street.