Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.1 million sale of an 8-unit apartment property located at 1010 E. 2nd Street in the prime Alamitos Beach submarket of Long Beach, CA.
Stepp Commercial Principal Robert Stepp and Vice President Mark Witsken represented the seller, Los Angeles-based LMDG Real Estate Value Fund II Holdings. The buyer was a private investor from Los Angeles. The transaction closed at a price per unit of $262,500.
Built in 1923, the well-maintained two-story property totals 4,160 square feet and features eight studio units. The property offers charming built-ins and finishes indicative of 1920s architecture.
“This property is truly a jewel in the coveted Alamitos Beach submarket,” said Stepp. “The location, which is bordered by the dynamic East Village Arts District, is surrounded by dozens of dining, retail and nightlife amenities.”
Some neighboring attractions and amenities include Bixby Park and Recreation Center, Long Beach Museum of Art, and 4th Street / Retro Row.
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.