Private Investor Acquires MultiFamily Asset In Long Beach For $2.4M

The transaction involved the sale of Forty-Ninth Street Apartments, a 12-unit multifamily property located at 30 W 49th St, Long Beach, CA, 90805. The sale price was $2,400,000.00, with a cap rate of 5.4% and a price of $200,000 per unit. The 54-year-old property consists of one one-bedroom unit and 11 two-bedroom units, and it features amenities including parking, controlled access entry, and a laundry facility.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $2,400,000.00
• Address: 30 W 49th St, Long Beach, CA, 90805
• Market: Long Beach
• Cap Rate: 5.4%
• Price per Unit: $200,000
• Units: 12
• Seller's Representative: Michael Toveg-Stepp Commercial, Robert Stepp-Stepp Commercial
• Buyer: Private Investor

Stepp Commercial represented the seller, PS Realty Holdings, with Principal Robert Stepp and Vice President Michael Toveg handling the transaction. The buyer was a private investor based in Los Angeles.