Stepp Commercial Completes $4.65 Million Sale of 16-Unit East 2nd Street Apartments in Long Beach

LONG BEACH, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $4.65 million sale of East 2nd Street Apartments, a 16-unit apartment property within the Alamitos Beach neighborhood of Long Beach, Calif.

Principal Robert Stepp and Vice President Michael Toveg of Stepp Commercial represented the seller, a private investor from Pacific Palisades. The buyer was a private investor from Orange County. The property closed at a 4.2 percent cap rate and a price per unit of $290,625.

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