Thursday, October 8, 2015

Stepp Commercial Completes $3.3 Million Sale of 20-Unit Apartment Property in Long Beach, CA

Robert Stepp
LONG BEACH, CA – Stepp Commercial, the leading multifamily brokerage firm in the Long Beach market, has completed the $3.3 million sale of a fully occupied, 20-unit apartment property located at 922 East 2nd Street in the Alamitos Beach neighborhood immediately adjacent to Downtown Long Beach. 

Robert Stepp, principal with Stepp Commercial, and Michael Toveg, senior vice-president, represented the buyer, Landmark Marketing Corporation. Stepp and Toveg also represented the seller, 922 E 2nd Street, LLC. The closing cap rate was 3.8 percent and the price per unit was $165,000.

“The buyer was looking to acquire a well-located, quality property,” said Stepp. “This asset offered a prime location that is walking distance to the beach and downtown, as well as upside potential in rents.”

Toveg added: “Turn-key properties in prime Long Beach submarkets are very scarce. The majority of apartments that come to market require at least some degree of renovation in order to maximize value.” 

Built in 1946, the two-story, courtyard-style property consists of eight studio units; 11 one-bedroom units; and one two-bedroom unit. The majority of the units were recently rehabbed with new hardwood floors, updated appliances, and new lighting, fixtures, and paint.

Michael Toveg
 Stepp Commercial is a brokerage firm specializing in the multifamily sector for properties ranging in size from $1 million to $50 million in Long Beach. 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. 

Specializing in one key market gives Stepp Commercial a competitive advantage which accelerates and ensures client success. For more information visit

 For a complete copy of the company’s news release, please contact:

Darcie Giacchetto


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