Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $4.39 million portfolio sale of two apartment properties located in the Eastside submarket of Long Beach, Calif.
Principal Robert Stepp and Senior Investment Associate Travis Traweek of Stepp Commercial represented the seller, a Long Beach-based private investor, as well as the buyer, a San Diego-based private investor who paid all-cash.
“These two assets are situated about a mile from each other and offered the new buyer the opportunity to expand its Long Beach area portfolio,” said Stepp.
“The seller had owned the properties for 25 years and determined that it was time to seek a higher return on his equity,” said Traweek.
Following is information on each property:
- 1085 Molino Avenue was sold for $2.245 million and at a cap rate of 4.1 percent. Built in 1988, the eight-unit property consists entirely of two-bedroom units and includes 12 parking spaces, laundry room, and a large garage storage area. The property offers the new owner an approximately 22 percent upside based on current market rates.
- 3930 E. 11th Street was sold for $2.145 million and at a cap rate of 4.2 percent. Built in 1988, the building consists entirely of two-bedroom units and includes 12 parking spaces and a laundry room. The property offers approximately 28 percent in rental upside based on current market rates.
Nestled between Alamitos Beach and Traffic Circle, the Eastside submarket is one of the most popular rental pockets in Long Beach. Living in Eastside offers residents a sparse urban feel and many residents own their homes. With a plethora of restaurants, coffee shops, retail and parks, the neighborhood is highly walkable.