Stepp Completes $2.55 Million Sale of East 3rd Street Apartments in Long Beach

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