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