Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles
market, has completed the approximately $1.82 million sale of an eightunit
apartment property located at 1746 E. 10th Street in Long Beach. The
asset is located on the eastside of Long Beach.
Principal Robert Stepp and Travis Traweek of Stepp Commercial
represented the seller, Long Beach-based LB View. The buyer was a Los
Angeles-based private investor. The property sold for a per unit price of
$227,500 and a cap rate of 5.84 percent.
Built in 1964 the property includes one studio, two one-bedroom units and
five two-bedroom units.
“We marketed this property to our extensive database of brokers and
investors and emphasized that this asset provided an 11 percent rental
upside as leases expire,” said Stepp. “Long Beach’s eastside has been an
increasingly desirable residential location as it is walking distance to the
popular Fourth Street Retro Row. This area currently has a low residential
vacancy rate of 3 percent.”
The eastside area surrounding Rose Circle Park is known for its enclave of
desirable 1910-1922 Craftsman Bungalows, and has developed into a
bustling, walkable neighborhood offering many dining, nightlife and retail
amenities. Eclectic and hip Fourth Street Retro Row is a popular destination
for its selection of vintage and contemporary clothing, furniture, home
goods, art antiques and skateboards as well as locally-owned restaurants,
coffee shops and wine bars.