Stepp Completes A $4.9 Million Apartment Sale

Principal Robert Stepp of Stepp Commercial represented the seller, an Orange County-based private investor, and the buyer, a private investor from Los Angeles, in the $4.9 million sale of East Fifth Street Apartments in Long Beach. “By adding value to the units that have not already been updated, the buyer stands to secure a 25% rental upside,” Stepp said. “Long Beach is a prime market to add value to apartment properties as it has no rent control, unlike too many other Los Angeles area cities.” The 20-unit property is located at 3025 E. 5th St. near the Retro Row and Belmont Heights communities and consists of 10 two-bedroom units and 10 one-bedroom units. The sale breaks down to $245,000 per unit in the two-story building, which was built in 1961.

Read in Long Beach Business Journal’s Real Estate News