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| Robert Stepp |
Long Beach, CA, Aug 15,
2017 - Stepp Commercial, a leading multifamily brokerage firm in the Los
Angeles market, has completed the $4.9 million sale of East Fifth Street Apartments, a 20-unit apartment property located
near the Retro Row and Belmont Heights submarkets in Long Beach, Calif.
Principal Robert Stepp of Stepp Commercial
represented the seller, an Orange County-based private investor, as well as the
buyer, a private investor from Los Angeles. The property closed at a 4.2
percent cap rate and a price per unit of $245,000.
Built in 1961, the
two-story property is located at 3025 East 5th Street and includes 10
two-bedroom units and 10 one-bedroom units. Some of the interiors feature
hardwood flooring and upgraded kitchens with granite countertops and stainless
steel appliances.
"By adding value to
the units that have not already been updated, the buyer stands to secure a 25
percent rental upside," said Stepp. "Long Beach is a prime market to
add value to apartment properties as it has no rent control, unlike to many
other Los Angeles area cities."
For a complete copy of the company’s news release,
please contact:
Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224
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