Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.1 million acquisition of a 12-unit, value-add apartment property located at 1135 Dawson Avenue in Long Beach, CA.
Robert Stepp and Travis Traweek of Stepp Commercial represented the buyer, Long Beach-based LB View, Inc. The seller was a private investor from Los Angeles. The transaction closed at a 5 percent cap rate and a price per unit of $175,000.
“The property was well-maintained and generated strong income on actual rents without the need for renovation and turnover, making it a solid asset for our client’s upleg,” noted Traweek.
Built in 1923, the single-story property consists entirely of studio units and includes security cameras, gated entry, and a laundry room.