Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the approximately $2.45 million sale of a seven-unit apartment property located at 33 Nieto Avenue in the Belmont Shore submarket of Long Beach, CA. The property is in a prime location just one block from the ocean.
Principal Robert Stepp of Stepp Commercial represented the seller, a Long Beach-based private investor who has owned properties for a number of years in Long Beach and is now looking to exchange into properties out of state. The buyer was a private investor from Orange County. The transaction closed at a low cap rate of 3.8 percent and a price per unit of $350,000.
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