LONG BEACH, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $4.1 million sale of Bay Shore Apartments, a nine-unit apartment property adjacent to the Belmont Shore neighborhood of Long Beach, Calif.
Principal Robert Stepp and Vice President Michael Toveg of Stepp Commercial represented the seller, a private investor from Los Angeles. Vice President Todd Hawke of Stepp Commercial represented the buyer, a private investor from Los Angeles. The property closed at a 3.8 percent cap rate and a price per unit of nearly $456,000, which is a record high for the area.
Built in 1946, the two-story property is located at 20 Bay Shore Avenue and consists entirely of two-bedroom units. The asset includes a front porch, private garages and a laundry facility. Some of the units have been upgraded with hardwood floors, granite countertops and custom cabinetry.
“Bay Shore Apartments is just steps from the beach in the prestigious Belmont Shore neighborhood,” said Stepp. “It offers the buyer a 15 percent rental upside and sold for full asking price.”
About Stepp Commercial: Stepp Commercial is a brokerage firm specializing in the multifamily sector for properties ranging in size from $1 million to $50 million. 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. For more information visit steppcommercial.com