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| Robert Stepp |
LONG BEACH, CA – Stepp
Commercial, the leading multifamily brokerage firm in the Long Beach market,
has completed the $3.3 million sale of a fully occupied, 20-unit apartment
property located at 922 East 2nd Street in the Alamitos Beach neighborhood
immediately adjacent to Downtown Long Beach.
Robert Stepp,
principal with Stepp Commercial, and Michael
Toveg, senior vice-president, represented the buyer, Landmark Marketing
Corporation. Stepp and Toveg also represented the seller, 922 E 2nd Street,
LLC. The closing cap rate was 3.8 percent and the price per unit was $165,000.
“The buyer was looking to
acquire a well-located, quality property,” said Stepp. “This asset offered a
prime location that is walking distance to the beach and downtown, as well as
upside potential in rents.”
Toveg added: “Turn-key
properties in prime Long Beach submarkets are very scarce. The majority of
apartments that come to market require at least some degree of renovation in
order to maximize value.”
Built in 1946, the
two-story, courtyard-style property consists of eight studio units; 11
one-bedroom units; and one two-bedroom unit. The majority of the units were
recently rehabbed with new hardwood floors, updated appliances, and new
lighting, fixtures, and paint.
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| Michael Toveg |
Stepp Commercial is a brokerage firm
specializing in the multifamily sector for properties ranging in size from $1
million to $50 million in Long Beach. Stepp Commercial’s mission is to provide
apartment owners with a fully integrated sales platform that includes
comprehensive market knowledge and local real estate expertise to successfully
complete any type of multifamily transaction.
Specializing in one key market
gives Stepp Commercial a competitive advantage which accelerates and ensures
client success. For more information visit SteppCommercial.com
For a
complete copy of the company’s news release, please contact:
Darcie Giacchetto
949.278.6224
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