LONG BEACH, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $4.9 million sale of East Fifth Street Apartments, a 20-unit apartment property located near the Retro Row and Belmont Heights submarkets in Long Beach, Calif.
Principal Robert Stepp of Stepp Commercial represented the seller, an Orange County-based private investor, as well as the buyer, a private investor from Los Angeles. The property closed at a 4.2 percent cap rate and a price per unit of $245,000.
Built in 1961, the two-story property is located at 3025 East 5th Street and includes 10 two-bedroom units and 10 one-bedroom units. Some of the interiors feature hardwood flooring and upgraded kitchens with granite countertops and stainless steel appliances.
“By adding value to the units that have not already been updated, the buyer stands to secure a 25 percent rental upside,” said Stepp. “Long Beach is a prime market to add value to apartment properties as it has no rent control, unlike to many other Los Angeles area cities.”
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