Private Investor Acquires Long Beach Multifamily For $4.65M

The East Second Street Apartments, a 16-unit apartment property located at 1175 E 2nd St, Long Beach, CA, 90802, were sold for $4,650,000. The property, situated in the Alamitos Beach neighborhood of Long Beach, features a three-story building built in 1964, comprising six one-bedroom units and ten two-bedroom units. Additional amenities include a central courtyard, eight private garages, a laundry facility, and controlled-access entry.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $4,650,000.00
• Units: 16
• Price per Unit: $290,625
• Cap Rate: 4.2%
• Renovations: Eight units recently updated

Stepp Commercial, represented by Michael Toveg and Robert Stepp, facilitated the sale of the East Second Street Apartments on behalf of the seller, a private investor from Pacific Palisades. The buyer, a private investor from Orange County, was advised by Pat Swanson from Colliers International.