Stepp Commercial, a multifamily brokerage firm in the Los Angeles market, has completed the $3.825 million sale of a 12-unit apartment property located at 601 Linden Avenue in the East Village Arts District neighborhood of downtown Long Beach, CA.
Principal Robert Stepp and Senior Vice President Michael Toveg of Stepp Commercial represented the seller, a Long Beach-based private investor. The buyer, a Los Angeles-based private investor was represented by John Alden, a Vice President with Stepp Commercial. The property sold for $318,750 per unit, a cap rate of 4%, and a price per square foot of $472.
“There was significant investor interest in this newly renovated, stabilized asset that is ideally located in Long Beach’s trendy East Village Arts District,” said Stepp in a statement. “These attractive fundamentals ultimately created a bidding war with the final sale price at $75,000 above the asking price.”
Built in 1929 in Art Deco design, 601 Linden features spacious and modern units that include two one-bedroom units and ten studios. The units were all recently remodeled by the seller which included the addition of new windows, wood plank flooring and in-unit washer/dryers, and custom cabinetry, granite countertops, stainless steel appliances, and breakfast bar in the kitchen. The units also feature exposed brick and custom sliding barn doors for an urban loft aesthetic, and designer lighting and fixtures.
East Village Arts District has been attracting the young professional renter demographic due to its proximity to employment opportunities and amenities in downtown Long Beach, as well as its proximity to Alamitos Beach.