Stepp Commercial Brokers Sell Long Beach Multifamily Asset For $5M

A multifamily property located at 1505 E. 11th Street in Long Beach has been sold for a price of $5,040,000. The deal was facilitated by Robert Stepp & Michael Toveg of Stepp Commercial. The property consists of 21 units, with each unit being valued at approximately $240,000. The transaction took place on 02/04/2022, and the property has a capitalization rate of 4.2%.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $5,040,000
• Address: 1505 E. 11th Street
• Market: Long Beach
• Brokers: Robert Stepp & Michael Toveg - Stepp Commercial
• Units: 21
• Price Per Unit: $240,000
• Capitalization Rate: 4.2%

The sale of this multifamily property marks a significant transaction in the Long Beach market. Robert Stepp and Michael Toveg, representing Stepp Commercial, successfully facilitated the deal. With a total of 21 units, the property offers ample opportunities for investment and rental income. Located at 1505 E. 11th Street, the multifamily asset provides attractive options for potential homeowners or real estate investors looking to expand their portfolio. The sale price of $5,040,000 reflects the value placed on this property in the current market. The transaction was completed on 02/04/2022, and the capitalization rate of 4.2% indicates the potential return on investment for the new owner.