Stepp Commercial Group, a multifamily brokerage firm in the Los Angeles market, has completed the $2.25 million sale of a 10-unit apartment/retail property located at 3032 E. 7th Street in the Rose Park Neighborhood of Long Beach, CA.
Principal Robert Stepp and Senior Vice President Michael Toveg of Stepp Commercial Group represented the Long Beach-based seller, a private investor who was a long-term owner and will be trading into an out-of-state asset. The buyer was a Los Angeles-based private investor. The property sold for approximately $225,000 per unit.
Built in 1962, the property includes four two-bedroom units, four one-bedroom units and two retail units. The residential units feature balconies or patios with some of the units recently renovated.
“This asset provides the new ownership with the opportunity to make updates to the units to add more long-term value as well as a 20% rental upside potential,” said Stepp in a statement. “Rose Park is a desirable residential area within Long Beach and this asset is poised to realize long-term valuations.”
