LONG BEACH, CA - Stepp Commercial, a leading multifamily brokerage firm in the Long Beach market, has completed the $3.11 million sale of a 15-unit multifamily property in the prime Alamitos Beach submarket of Long Beach.
Robert Stepp, principal of Stepp Commercial, represented the seller, Long Beach-based Seward Road Enterprises, as well as the buyer, Calabasas-based 17 CNE, LLC, in the transaction. The property closed at a 3.95 percent cap rate and a price per unit of $207,000.
Built in 1922 and located at 1065 E. Ocean Boulevard, the unit mix includes 11 studios, three one-bedroom units, and two two-bedroom units. It features a central courtyard, controlled-access entry, and an on-site laundry facility. The unit interiors offer hardwood and ceramic tile flooring, ceiling fans, and granite countertops. Several of the units feature balconies and ocean views.
“This asset is situated across the street from the beach and has been impeccably maintained and yet retains a lot of its 1920s charm, making it very desirable to renters,” said Stepp. “The buyer plans on making some additional updates to the units and holding the property long-term.”
Stepp added that this property is located at the edge of Alamitos Beach and is adjacent to the East Village Arts District in Downtown Long Beach, a neighborhood that is rapidly gentrifying and seeing new shops, restaurants and entertainment venues opening at a swift pace.
Year-to-date, Stepp Commercial has completed 31 transactions totaling 575 units with a cumulative value in excess of $116 million.
About Stepp Commercial: Stepp Commercial is a brokerage firm specializing in the multifamily sector for properties ranging in size from $1 million to $50 million in Long Beach. Stepp Commercial’s mission is to provide apartment owners with a fully integrated sales platform that includes comprehensive market knowledge and local real estate expertise to successfully complete any type of multifamily transaction. Specializing in one key market gives Stepp Commercial a competitive advantage which accelerates and ensures client success. For more information visit SteppCommercial.com