Wednesday, June 24, 2015

Stepp Commercial Completes $3.2 Million Sale of Apartment Property in Long Beach, CA


Robert Stepp
LONG BEACH, CA – Stepp Commercial, the leading multifamily brokerage firm in the Long Beach market, has completed the $3.2 million sale of a 16-unit apartment property located at 1175 2nd Street in Long Beach. 

Robert Stepp, principal, and Michael Toveg, vice president, with Stepp Commercial, represented both the buyer, Joda Investments, and the private seller in this off-market transaction. The property closed at a 5.1 percent cap rate and $200,000 per unit.

Joda Investments plans to completely renovate the face of the property as well as make significant improvements to the units, which include installing hardwood floors and new stainless steel appliances in addition to making other updates to modernize the units.

“The seller was reluctant to let go of his Alamitos Beach property but agreed to look at offers after learning that properties in the area were selling for a premium,” said Toveg. “We procured an off-market offer that exceeded the seller’s price expectations from a buyer that was attracted to the building’s upside potential.”


Michael Toveg
Stepp added that Stepp Commercial also worked with the buyer obtain a 2.88 percent, 5-year fixed rate, $2.35 million permanent loan on the property.

Built in 1964, the property is well-located near many retail and dining amenities, Miracle on 4th Street Park, East Village Arts Park and Bixby Park, and is just three blocks from the beach.



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


Darcie Giacchetto

949.278.6224

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