Stepp Commercial Group Sells Value-Add Multifamily Property In Long Beach For $2.65M | 1206 Gladys Avenue | John Alden, Robert Stepp, Larry Bustamonte, Mark Witsken | MultiFamily | Sale

Summary

Sale

CALIFORNIA

MultiFamily

A multifamily property located at 1206 Gladys Avenue in Long Beach, California, has been sold for $2.65 million. This eight-unit property presents a value-add opportunity with below-market rents. The seller is seeking a cash-flowing out-of-state asset for a 1031 exchange transaction.

Summary of transaction details

Property Type: Multifamily
Transaction Amount: $2,650,000
Units: 8
Price per Unit (PPU): $331,250
Market: Long Beach

The sale of this multifamily property was facilitated by Larry Bustamonte, Robert Stepp, John Alden, and Mark Witsken of Stepp Commercial Group. Stepp Commercial Group acted as the brokers in this transaction.

Players

All
5

Agents
4
Agencies
1

$48.3M Sold

$129.4M Sold

$7.7M Sold

$2.7M Sold

Details

Deal Summary

SOLD

IMAGE: Larry Bustamonte, Robert Stepp, John Alden & Mark Witsken DATE: 08/07/2023 ADDRESS: 1206 Gladys Avenue MARKET: Long Beach ASSET TYPE: Multifamily BROKERS: Larry Bustamonte (@Larry_Bustamante), Robert Stepp (@RobStepp1), John Alden & Mark Witsken - Stepp Commercial Group SALE PRICE: $2,650,000 UNITS: 8 ~ PPU: $331,250 NOTE: Stepp Commercial Group sold an eight-unit multifamily property in Long Beach, California, for $2.65 million. The property presents a value-add opportunity with below-market rents, and the seller is seeking a cash-flowing out-of-state asset for a 1031 exchange transaction.

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Address1206 Gladys Avenue

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