LONG BEACH, CA - Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $3.05 million sale of East 7th Street Apartments, a 22-unit mixed-use apartment-over-retail property in the historic Rose Park District of Long Beach, Calif.
Principal Robert Stepp of Stepp Commercial represented the seller, Redempta Catolica Trust. The buyer, Tam Trust, was represented by Buckingham Investments The property closed at a 5.3 percent cap rate.
Built in 1922 and located at 2307 E. 7th Street, the property includes 12 residential units (six one-bedrooms and six studios) and 10 retail spaces.
“This property is extremely walkable and is situated on a highly visible corner location at Raymond Avenue and East 7th Street,” said Stepp. “We marketed this asset as a value-add opportunity for the new ownership to renovate and bring rates up to market rates as leases expire.”
Stepp added: “This property is within the Rose Park Historic District which is a rapidly improving area which is due in large part to the newly renovated neighborhood shopping center across the street from the property.”
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