LONG BEACH, CA - Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $5.48 million sale of a 24-unit, 1920s apartment building located in the burgeoning East Village Arts District of Long Beach, Calif.
Principal Robert Stepp of Stepp Commercial represented the seller, 765 Cerritos, LLC of Los Angeles. San Diego-based La Mirage MPI, LLC was the buyer. The property closed at a 4.2 percent cap rate and the price per unit was $237,500.
Built in 1914 and located at 138 Elm Avenue, the 11,744-square-foot property recently underwent a major renovation. It comprises 16 studios, six one-bedroom units, and two two-bedroom units. The property offers modern, updated kitchens and an attractive, furnished rooftop deck.
“The buyer of this property was attracted to a turnkey non-rent controlled Long Beach asset and the building’s highly desirable East Village location,” said Stepp.
The trendy East Village Arts District offers a lively mix of restaurants, bars, boutiques, music stores, coffee shops, vintage stores, galleries, art studios and bookshops. The location is two blocks from Ocean Boulevard and its beachside hotels and amenities, and within walking distance of Downtown Long Beach, which is experiencing an employment boom. The thriving city has added 4,600 new jobs in the past two years.
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