LONG BEACH, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $4.65 million sale of East 2nd Street Apartments, a 16-unit apartment property within the Alamitos Beach neighborhood of Long Beach, Calif.
Principal Robert Stepp and Vice President Michael Toveg of Stepp Commercial represented the seller, a private investor from Pacific Palisades. The buyer was a private investor from Orange County. The property closed at a 4.2 percent cap rate and a price per unit of $290,625.
“This property offered the buyer an excellent rental location in Alamitos Beach and a nice mix of recently renovated units securing strong rents as well as the opportunity to upgrade the remaining units to add more value as leases expire,” said Toveg.
Built in 1964, the three-story property is located at 1175 E. 2nd Street. The property includes six one-bedroom units, and 10 two-bedroom units. The property offers a central courtyard, eight private garages, laundry facility, and controlled access entry. Eight of the units were recently fully renovated to include new kitchens with granite counters, custom cabinets and stainless steel appliances; and updated bathrooms.
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