LONG BEACH, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $3.3 million sale of Cherry Avenue Apartments, a 12-unit apartment property within the Retro Row neighborhood of Downtown in Long Beach, Calif.
Principal Robert Stepp and Vice President Michael Toveg of Stepp Commercial represented the seller, 546 Cherry Waterford, LLC from Long Beach. The buyer was a private investor from Palos Verdes. The property closed at a 4.4 percent cap rate and a price per unit of $275,000.
Built in 1963, the two-story property is located at 546 Cherry Avenue. The property includes seven, one-bedroom units, three two-bedroom units and two studio units. The property offers ample parking, controlled access entry and a laundry facility.
“This property was recently renovated and offered the buyer an upgraded, turn-key asset. We received a number of offers and was sold at full asking price,” said Stepp.
Cherry Avenue Apartments is situated less than one-mile from the ocean and is just three blocks from the more than 40 shops and restaurants of Retro Row on East 4th Street.
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. 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. For more information visit steppcommercial.com