Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the approximately $1.82 million sale of an eight-unit apartment property located at 1746 E. 10th Street in Long Beach. The asset is located on the eastside of Long Beach.
Principal Robert Stepp and Travis Traweek of Stepp Commercial represented the seller, Long Beach-based LB View. The buyer was a Los Angeles-based private investor. The property sold for a per unit price of $227,500 and a cap rate of 5.84 percent.
Built in 1964 the property includes one studio, two one-bedroom units and five two-bedroom units.
“We marketed this property to our extensive database of brokers and investors and emphasized that this asset provided an 11 percent rental upside as leases expire,” said Stepp. “Long Beach’s eastside has been an increasingly desirable residential location as it is walking distance to the popular Fourth Street Retro Row. This area currently has a low residential vacancy rate of 3 percent.”
The eastside area surrounding Rose Circle Park is known for its enclave of desirable 1910-1922 Craftsman Bungalows, and has developed into a bustling, walkable neighborhood offering many dining, nightlife and retail amenities. Eclectic and hip Fourth Street Retro Row is a popular destination for its selection of vintage and contemporary clothing, furniture, home goods, art antiques and skateboards as well as locally-owned restaurants, coffee shops and wine bars.
About Stepp Commercial
Stepp Commercial is a brokerage firm specializing in the multifamily property sector. 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.