Long Beach, Calif. – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.29 million sale of an eight-unit apartment property located in the Rose Park Historic District at 912 Gladys Avenue in Long Beach, CA.
Stepp Commercial’s Principal Robert Stepp and Senior Vice President Todd Hawke represented the seller, a Long Beach-based private investor. The buyer was an Orange County, CA-based private investor. The property closed at a 4.9 percent cap rate and at a price per unit of $286,250.
Built in 1963, 912 Gladys Avenue includes one three-bedroom townhouse and seven two-bedroom units. The property also offers onsite laundry facilities and four private single car garages. It is located in the quiet, residential Rose Park Historic District and is nestled among 1920s Craftsman-style homes.
“This property has been well-maintained and six of the units were recently renovated,” said Hawke. “The particular neighborhood continues to see significant interest from investors as renters seek to be in a convenient location in the heart of the city’s Eastside which has a great vibe and mix of amenities.”
The asset’s location provides walkable access to a number of retail and dining options including those of the eclectic and hip Fourth Street Retro Row area which is a popular destination for its selection
of vintage and contemporary clothing, furniture, home goods, art and antiques, as well as locally-owned restaurants, coffee shops and wine bars.