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Stepp Commercial completed the nearly $2.55M sale of East Third Street Apartments in Alamitos Beach in Long Beach. The eight-unit apartment property closed at a 4.3% cap rate and $318,750 per unit. The 90-year-old property is a Spanish-style, two-story property at 1136 East Third St. that consists of five two-bedroom units and three one-bedroom units. Stepp Commercial principal Robert Stepp represented the seller, 1136 Apartments LLC. The buyer was a private investor from LA
Read it in Bisnow’s This Week’s LA Deal Sheet
