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| Robert Stepp |
Long Beach, CA – Stepp Commercial, a leading multifamily brokerage firm
in the Los Angeles market, has completed the $2.65 million sale of a 13-unit
apartment property in Downtown Long Beach, Calif.
Principal Robert Stepp and
Vice President Michael Toveg of
Stepp Commercial represented the seller, Santa Barbara-based 336 E 8th LLC, as
well as the buyer, a private investor from Signal Hill. The property closed at
a 4.3 percent cap rate and a price per unit of nearly $204,000.
Built in 1983, the two-story property is located at 336 E. 8th Street.
The unit mix includes nine one-bedroom units, three two-bedroom units, and one
three-bedroom unit. The property features large unit sizes as well as garage
parking.
“This property offered the buyer an upside in rents once the units are
upgraded, as well as an ideal location in the Downtown Long Beach area which
has been seeing a significant amount of growth and gentrification in recent
years,” said Toveg.
Stepp Commercial is a brokerage
firm specializing in the multifamily sector for properties ranging in size from
$1 million to $50 million. 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. For more information visit www.steppcommercial.com
For a complete copy of the company’s news release, please contact:
Darcie Giacchetto
Giacchetto Communications
949.278.6224
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