LOS ANGELES, CA – Stepp Commercial, a leading multifamily brokerage firm in the Long Beach market, has completed the $2,375,000 sale of a 16-unit apartment property located at 226 Gaviota Avenue in Long Beach in an off-market transaction.
Robert Stepp and Michael Toveg of Stepp Commercial represented the seller, Los Angeles-based Jarm One, LLC, as well as the Los Alamitos-based private buyer. The transaction closed at a 4.68 percent cap rate.
“The property is located in an area with historically low vacancy rates so our goal was to find a buyer who was seeking a true value-add opportunity,” said Toveg. “We were able to secure a buyer who was comfortable with the product type and location and saw the opportunity to maximize the property’s income potential by changing the façade, renovating the units, and bringing rents up to market rate.”
Built in 1920, the property includes 12 studio units, two one-bedroom units, and two two-bedroom units. It is located in the Alamitos Beach neighborhood of Long Beach which has been experiencing a substantial amount of investment and rental growth over the past two years.
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 throughout Los Angeles. 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