LONG BEACH, CA - Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.65 million sale of a 13-unit apartment property in Downtown Long Beach, Calif.
Principal Robert Stepp and Vice President Michael Toveg of Stepp Commercial represented the seller, Santa Barbara-based 336 E 8th LLC, as well as the buyer, a private investor from Signal Hill. The property closed at a 4.3 percent cap rate and a price per unit of nearly $204,000.
Built in 1983, the two-story property is located at 336 E. 8th Street. The unit mix includes nine one-bedroom units, three two-bedroom units, and one three-bedroom unit. The property features large unit sizes as well as garage parking.
“This property offered the buyer an upside in rents once the units are upgraded, as well as an ideal location in the Downtown Long Beach area which has been seeing a significant amount of growth and gentrification in recent years,” said Toveg.
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