Park Villa Apartment Homes, an 18-unit multifamily property located at 1761 Park Avenue in Long Beach, CA, was recently sold by the Stepp Commercial Group for a price of $7,165,000. The property has undergone recent renovations and is situated in the thriving Long Beach market, attracting multiple offers. With a cash-on-cash return of over 8% in its first year, the new owner can expect promising returns on their investment.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $7,165,000
• Units: 18
• Price Per Unit: $398,056
• Address: 1761 Park Avenue, Long Beach, CA
• Market: Long Beach
• Brokers: Todd Hawke, Robert Stepp, and Michael Toveg - Stepp Commercial Group

The Stepp Commercial Group, represented by brokers Todd Hawke, Robert Stepp, and Michael Toveg, facilitated the sale of Park Villa Apartment Homes. This transaction showcases their expertise in the Long Beach market and their ability to attract multiple offers for the property. The recent renovations and promising cash-on-cash return adds to the appeal of this investment opportunity for the new owner.