LONG BEACH, CA - Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $4.7 million sale of Sea Side Villa, a 445 E. 3rd Street, a 22-unit, updated 1920s apartment building located in the highly desirable East Village Arts District of Long Beach, Calif.
Principal Robert Stepp and Senior Vice President Michael Toveg of Stepp Commercial represented the Los Angeles-based seller, 131 Olive Street, LLC. The buyer was Cochise Capital of Los Angeles. The property closed at a 4.4 percent cap rate and at approximately $203,000 per unit.
“This property is a strategic acquisition with long term upside in a prime Long Beach submarket,” said Stepp. “Long Beach has become an attractive and more economical coastal alternative for renters seeking an amenity rich, Southern California beach community.”
Built in 1922, the 12,150-square-foot, three-story building comprises 15 studio and seven one-bedroom refurbished units with shared balconies, hardwood floors, granite countertops in the kitchens, and custom tile in the bathrooms.
Sea Side Villa is located in the heart of the creative, and thriving East Village Arts District of Long Beach. The trendy, lively neighborhood, currently undergoing an economic expansion, is home to diverse restaurants, bars, boutiques, music stores, coffee shops, vintage stores, galleries, art studios and bookshops. Its close proximity to Downtown Long Beach, where an employment boom is attracting both new and longtime residents, makes the East Village one of the most sought-after neighborhoods in Long Beach.
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