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Long Beach Holds Steady as Young Workforce Favorite
Despite the pandemic, the Long Beach market remains resilient with its coastal location and proximity to employment hubs that are favorable to the young workforce demographic. A recent example is a 22-unit apartment property located at 1315 W. 19th St. in Long Beach that sold for $5.2 million.
The buyer was a Chino-based private investor. The closing cap rate was 5.4%, the price per unit was approximately $236,000 and the gross rent multiplier was 12.
Los Angeles-based Stepp Commercial’s Robert Stepp and Michael Toveg represented the Long Beach-based seller, who was in a 1031 exchange.
“The inventory in this submarket of Long Beach is very low,” said Stepp. “This opportunity provided the buyer with an attractive cap rate as well as an estimated rental upside of 14 percent.”
Built in 1963, 1315 W. 19th St. is situated on an oversized corner lot, and includes two one-bedroom units, 16 two-bedroom units and four three-bedroom units, as well as 14 garages, gated access and on-site laundry facilities. Half of the units were recently fully renovated.
For comments, questions or concerns, please contact Lisa Brown
- ◦Sale/Acquisition
