Thursday, June 11, 2015

Stepp Commercial Completes $2,525,000 Sale of Apartment/Retail Property in Long Beach, CA


Orange & 10th Street Apartments, 1003 Orange Avenue, Long Beach, CA


Robert Stepp
LONG BEACH, CA, June 11, 2015 – Stepp Commercial, the leading multifamily brokerage firm in the Long Beach market, has completed the $2,525,000 sale of a 15,714-square-foot mixed-use property located at 1003 Orange Ave. adjacent to Downtown Long Beach.

 The property includes 18 apartment units on the second and third floors, six fully occupied retail spaces on the ground floor, and an adjacent 21-space parking lot.

Robert Stepp, principal with Stepp Commercial, represented the seller, Orange & 10th LLC. The buyer, Lunar Bear III LLC was represented by Matt Pernice of NR Real Estate Brokers. The property closed at a 6.74 percent cap rate and $161 per-square-foot.

Built in the early 1930s, 1003 Orange Ave. includes 10 studio units and eight one-bedroom units, and the retail portion includes five tenants and one vacant space.

“This asset offered solid in-place cash flow and sold to a buyer/broker who has had a good experience purchasing several properties from Stepp Commercial in the past,” said Stepp. 

“The buyer has plans for a possible billboard on the roof top of the property to take advantage of the signalized corner lot exposure and could potentially add value in the future by developing the parking lot.”

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

Darcie Giacchetto
949.278.6224

No comments:

Post a Comment