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| Robert Stepp |
Long Beach, CA, Sept. 26, 2016 – Stepp
Commercial, a leading multifamily brokerage firm in the Long Beach market, has completed the $4.21 million sale of a 22-unit apartment property located at 2333 to 2401 E. 5th Street in the Retro Row submarket of Long Beach.
Robert Stepp,
principal with Stepp Commercial, represented the seller, a private investor
from Culver City, as well as the buyer, a private investor from Santa Monica.
The closing cap rate was 3.8 percent and the price per unit was $191,000.
Built in 1963, the
property features 18 one bedroom units and four two-bedroom units with open
floor plans. It offers a large central courtyard, on-site laundry, and 12
private garages. It is located within walking distance to the beach, Bixby Park,
and the numerous shops and restaurants in the Retro Row area along 4th Street.
“The buyer is planning on
investing $20,000 per unit for interior upgrades and enhancements and will also
renovate the exterior areas. Once complete, the buyer will be able to secure
market rental rates which are approximately 15 percent higher than what the
property is currently seeing.”
Retro Row is a vibrant,
bike-friendly area of Long Beach that stretches from between Cherry and
Junipero. This district is home to more than 40 independent merchants as well
as a restored 1920s Art Theatre which hosts a mix of first-run and art films,
live concerts and other events.
For a complete copy of the company’s news
release, please contact:
Darcie Giacchetto
949.278.6224
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