Monday, January 9, 2017

Stepp Commercial Completes $9.7 Million Sale of 44-Unit Ocean Plaza Apartments in Long Beach, CA

Ocean Plaza Apartments, 633 East 1st Street, Downtown Long Beach, CA

LONG BEACH, CA, Jan. 9, 2017 – Stepp Commercial, a leading multifamily brokerage firm in the Long Beach market, has completed the $9.7 million sale of Ocean Plaza, a 44-unit apartment property within the East Village Arts District of Downtown Long Beach.

Robert Stepp
Robert Stepp, principal of Stepp Commercial, represented the seller, Santa Monica-based Joda Investments, as well as the Westchester, Calif.-based private buyer. The property closed at a 4.2 percent cap rate and a price per unit of $220,455.

Built in 1956 and located at 633 E. 1st Street on just over one-half acre, the property consists of three, two-story buildings with a pool in its center courtyard and offers 18 one-bedroom units and 26 studio units. The property recently underwent light renovations, including remodeled kitchens.

“This is a sizable property for the neighborhood that offered room for the buyer to add value through future renovations and bringing rents to market rates,” said Stepp.

Ocean Plaza Apartments is just one block from Ocean Blvd, within the East Village Arts District, one of the hottest areas of Downtown Long Beach. This area is undergoing a growing demand for housing as it provides an eclectic mix of retail, dining, entertainment, and art.

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

Darcie Giacchetto


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