LONG BEACH, CA - Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the nearly $2.55 million sale of East 3rd Street Apartments, an eight-unit apartment property in the Alamitos Beach submarket of Long Beach, Calif.
Principal Robert Stepp of Stepp Commercial represented the seller, 1136 Apartments, LLC from Los Angeles. The buyer was a private investor from Los Angeles. The property closed at a 4.3 percent cap rate and a price per unit of $318,750.
Built in 1927, this Spanish-style, two-story property is located at 1136 East 3rd Street and consists of five two-bedroom units and three one-bedroom units.
“This asset offered the buyer a fully occupied, turnkey opportunity in a strong rental area that continues to grow as new restaurants and retail centers are opening their doors,” said Stepp. “Additionally, as leases expire, rents can be brought up to market rates, increasing the buyer’s cash flow.”
The Alamitos Beach submarket is within the southern portion of Long Beach and is home to a public beach, Bixby Park and Bluff Park, as well as the Long Beach bicycle path, which starts at Shoreline Village and ends in the Belmont Shore neighborhood. Aside from its prime ocean front location, Alamitos Beach is known for its nightlife and is home to numerous bars, restaurants, and shops along the Broadway Corridor.
About Stepp Commercial: Stepp Commercial is a brokerage firm specializing in the multifamily property sector. 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