Stepp Arranges Sale in Long Beach
- Jun 30, 2016
Long Beach, Calif.—Stepp Commercial, a multifamily brokerage specializing in the Long Beach market, has brokered the $3.1 million sale of 1065 E. Ocean Boulevard. The 15-unit multifamily property is in the Alamitos Beach submarket of Long Beach.
Robert Stepp, principal of Stepp Commercial, represented the seller, Long Beach-based Seward Road Enterprises, as well as the buyer, Calabasas-based 17 CNE LLC, in the transaction. The property closed at a 3.95 percent cap rate and a price per unit of $207,000.
Built in 1922, the property’s unit mix includes 11 studios, three one-bedroom units, and two two-bedroom units. Common amenities include a central courtyard, controlled-access entry, and an on-site laundry facility. Unit interiors offer hardwood and ceramic tile flooring, ceiling fans and granite countertops. Several of the units feature balconies and ocean views.
“The asset is across the street from the beach and has been impeccably maintained and yet retains a lot of its 1920s charm,” said Stepp. “The buyer plans on making some additional updates to the units and is holding the property long-term.”
Stepp added that the property is at the edge of Alamitos Beach and adjacent to the East Village Arts District in downtown Long Beach, a gentrifying neighborhood that’s seeing new shops, restaurants and entertainment venues. So far this year, the company has completed 31 transactions totaling 575 units with a cumulative value of $116 million.