LONG BEACH, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.75 million sale of East 1st Street Apartments, an eight-unit apartment building in the Belmont Heights submarket of Long Beach, Calif.
Principal Robert Stepp and Vice President Todd Hawke of Stepp Commercial represented the seller, Long Beach Trading Company. Stepp also represented the buyer, Seaward, LLC. The property closed at a 4.7 percent cap rate and a price per unit of $343,750.
Built in 1954, this two-story building is located at 3719 E. 1st Street, and consists of eight two-bedroom, two-bathroom units on an 8,815-square-foot lot. The property features an elegant brick façade, hardwood floors, spacious units, high ceilings and an interior courtyard.
“We secured a buyer who offered $100,000 over the asking price for this well-situated property on a corner lot with a tremendous value-add upside,” said Stepp. “The prime location is within walking distance of Belmont Shore’s 2nd Street shopping area, and a short walk to the beach and Belmont Pier.”
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