The Santa Monica property was among three small complexes that sold recently, including two in Long Beach. In the first Long Beach deal, a private individual paid $1.4 million for a 13-unit complex at 47 Lime St., with Todd Vitzthum of Sperry Van Ness in Long Beach representing the seller, a Newport Beach-based private investor. Lori Quiett of Main Street Realtors represented the buyer. The property was built in 1926 and is located in what Vitzthum describes as a rapidly changing area of the South Bay. The 13 units include seven studio, five one-bedroom, one-bathroom units and one two-bedroom, two-bathroom unit with rents ranging from $625 to $1,050.

In the other transaction, a private individual bought a 12-unit complex at 433 West 4th St. for nearly $1.3 million, with Vitzthum representing the seller, a Long Beach-based private investor. Mike Lembeck of Century 21 represented the buyer, a Newport Beach-based private investor. The property was built in 1929 and is a three-building complex of 10 one-bedroom, one-bathroom units and two two-bedroom, two-bath units with rents ranging from $650 to $1,050.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.