Long Beach Revitalization Attracts Apartment Investment

A 12-unit, two-building property has traded hands in a revitalizing area of north Long Beach. A private investor purchased the property for $2.85 million or $237,500 and a 6% cap rate.

Built in 1961, the two-building property totals 7,712 square feet and features four one-bedroom units and eight two-bedroom units. All 12 units were recently renovated to include hardwood flooring, custom cabinetry, granite countertops, stainless steel appliances and modern lighting and fixtures.

Principal Robert Stepp of Stepp Commercial represented the seller in the deal.