Stepp Commercial Group Sells Value-Add Multifamily Property In Long Beach For $2.65M

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.