Friday, June 9, 2017

Stepp Commercial Completes $2.4 Million Sale of Forty-Ninth Street 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 $2.4 million sale of Forty-Ninth Street Apartments, a 12-unit apartment property located adjacent to the affluent Bixby Knolls neighborhood in Long Beach, Calif.

Principal Robert Stepp and Vice President Michael Toveg of Stepp Commercial represented the seller, PS Realty Holdings, LLC. The buyer, a private investor from Los Angeles.. The property closed at a 5.4 percent cap rate and a price per unit of $200,000.

Built in 1963, the two-story property is located at 30 W. 49th Street. The unit mix includes one, one-bedroom unit, and 11 two-bedroom units. The property offers ample parking, controlled access entry and a laundry facility.

"Forty-Ninth Street Apartments provides the buyer with an ideal opportunity of adding value to the asset by upgrading the units and bringing rents up to market rates. It is one of the nicest properties in the neighborhood." said Stepp.

Toveg added: "What many Los Angeles-area apartment investors may not know is that Long Beach is a non-rent-controlled market which provides the opportunity to realize a solid return by upgrading older product as compared to other areas in the region that are limited by rent control restrictions."

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

Darcie Giacchetto
D.G. Communications, Inc.


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