Stepp Commercial Group, a leading multifamily brokerage firm in the Los Angeles market, recently completed the sale of a rare 10-unit apartment/retail property located at 3032 E. 7th St. in Long Beach’s Rose Park neighborhood for $2.25 million. Principal Robert Stepp and SVP Michael Toveg represented the Long Beach-based seller, a private investor who was long-term owner and traded into an out-of-state asset while the buyer was from Los Angeles area as well – another private investor paying approximately $225,000 per unit for it.
Built in 1962 with four two bedroom units along with four one bedroom units plus two retail units; all featuring balconies or patios some of which have been renovated recently; this property provides new ownership an opportunity to make updates to add more value over time as well as benefit from 20% rental upside potential according to Stepp’s statement on its purchase: “Rose Park is a desirable residential area within Long Beach and this asset is poised to realize long term valuations.”
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