Updated Sep 9, 2024
Stepp Commercial Group Sells 10-Unit Apartment/Retail Property In Long Beach For $2.25M
3032 East 7th Street Long Beach, California 90804, USA
$2,250,000
Units
10
Asset Type
Mixed-use
Closing
Jun 15, 2023
About this deal
AI
A 10-unit apartment/retail property located at 3032 East 7th Street in Long Beach's Rose Park neighborhood has been sold for $2.25 million. The property, built in 1962, offers potential rental upside, presenting an opportunity for the new owner to increase its long-term value.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $2,250,000
- Units: 10
- Price Per Unit (PPU): $225,000
The sale was facilitated by Robert Stepp and Michael Toveg from Stepp Commercial Group, who represented the parties involved in the transaction.
The successful sale of this property showcases the expertise and market knowledge of Robert Stepp and Michael Toveg from Stepp Commercial Group. Their professionalism and commitment to their clients resulted in a valuable transaction for all parties involved.
On the Map
$2,250,000
Mixed-use
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Players
Long Beach Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
7.05%
Cash-on-Cash
-2.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93