Tuesday, May 23, 2017

Stepp Commercial Completes $4.1 Million Sale of Bay Shore Apartments in Long Beach, CA

Robert Stepp
Long Beach, CA -- Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $4.1 million sale of Bay Shore Apartments, a nine-unit apartment property adjacent to the Belmont Shore neighborhood of Long Beach, Calif.

Principal Robert Stepp and Vice President Michael Toveg of Stepp Commercial represented the seller, a private investor from Los Angeles. Vice President Todd Hawke of Stepp Commercial represented the buyer, a private investor from Los Angeles.

The property closed at a 3.8 percent cap rate and a price per unit of nearly $456,000, which is a record high for the area.

Built in 1946, the two-story property is located at 20 Bay Shore Avenue and consists entirely of two-bedroom units. The asset includes a front porch, private garages and a laundry facility. Some of the units have been upgraded with hardwood floors, granite countertops and custom cabinetry.

"Bay Shore Apartments is just steps from the beach in the prestigious Belmont Shore neighborhood," said Stepp. "It offers the buyer a 15 percent rental upside and sold for full asking price."

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

Darcie Giacchetto
D.G. Communications, Inc.

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