Long Beach, Calif. July 25, 2019 – Stepp Commercial, a leading multifamily brokerage firm in the
Los Angeles market, has completed the approximately $4.65 million sale of a value-add 20-unit
apartment property located at 5075 Atlantic Avenue in north Long Beach.
Principal Robert Stepp of Stepp Commercial represented the seller, Torrance, CA-based Realty
Holding PSJC, LLC. The buyer was a Los Angeles-based private investor. The property sold for a per
unit price of $232,250, a cap rate of 5.9 percent and 11.2 gross rent multiplier on actual rents.
Built in 1979, the property sits on an oversized lot which is just over one-half acre, and includes
nine one-bedroom units, 10 two-bedroom units and one three-bedroom unit. The asset also
includes 22 garages and 11 additional parking spaces.
“This property provides the buyer with an opportunity to add value by updating the landscaping
and upgrading unit interiors,” said Stepp. “As public and private investment capital continues to
drive new development throughout the city, the north Long Beach area is now beginning to see
growth as well as there are a number of new single family homes, townhomes, mixed-use projects
and modern commercial space that are in various stages of planning and development.”
City proponents, such as Vice Mayor Rex Richardson, local developers, artists and business owners
have been banding together with the goal of revitalizing north Long Beach to create community
and fuel excitement about this historically underserved submarket. In particular, there has been
an effort to bring art and cultural events to the area, centering around the 24,655-square-foot,
state-of-the-art Michelle Obama Public Library.