facebook
Traded Co logo
Submit

Larry Guesno Purchases Multifamily Property From Erik Lutke In Long Beach For $3.95M

Property Image
SOLD
$3,949,753
Robert Stepp
Michael Toveg

California

See Similar Deals
MultiFamily10,150 SF
Sold 07/29/2025
the dealplayerscompscontact
Property Image
SOLD

Larry Guesno Purchases Multifamily Property From Erik Lutke In Long Beach For $3.95M

338 Cedar Avenue

See Similar Deals
MultiFamily10,150 SF
Sold 07/29/2025
Robert Stepp
Michael Toveg
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$389
Total Square Footage:10,150 SF
Transaction Type:Sale

338 Cedar Avenue is a fully remodeled 17-unit multifamily property located in Long Beach, California. The sale price for this asset was $3,949,753, with a price per unit of $232,338. The total square footage of the property is 10,150, resulting in a price per square foot of $389.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $3,949,753
  • Units: 17
  • Address: 338 Cedar Avenue
  • Market: Long Beach
  • Price Per Unit: $232,338
  • Square Footage: 10,150
  • Price Per Square Foot: $389
  • Buyer: Larry Guesno
  • Seller: Erik Lutke
  • Brokers: Robert Stepp & Michael Toveg - Stepp Commercial

Robert Stepp and Michael Toveg represented the seller, Erik Lutke, in this transaction. The property is situated in the West Gateway submarket of Downtown Long Beach, conveniently located near the $520M Civic Center Redevelopment, and features fully remodeled units with in-unit laundry, stainless steel appliances, and high-end finishes.

Players

Robert Stepp
Stepp Commercial
Robert Stepp
35 deals$302.4M volume
BROKER
Michael Toveg
Stepp Commercial
Michael Toveg
23 deals$194.8M volume
BROKER
Stepp Commercial
Stepp Commercial
BROKERAGE

Details

SOLD
IMAGE: Robert Stepp & Michael Toveg DATE: 07/29/2025 ADDRESS: 338 Cedar Avenue MARKET: Long Beach ASSET TYPE: Multifamily BUYER: Larry Guesno SELLER: Erik Lutke BROKERS: Robert Stepp (@RobStepp1) & Michael Toveg (@MToveg) - Stepp Commercial (@Stepp_Commercial) SALE PRICE: $3,949,753 UNITS: 17 ~ PPU: $232,338 SF: 10,150 ~ PPSF: $389 NOTE FROM BROKER: Fully remodeled 17-unit multifamily property in the West Gateway submarket of Downtown Long Beach—just steps from the $520M Civic Center Redevelopment. All units are fully remodeled with in-unit laundry, stainless steel appliances, and high-end finishes.

Stay in the Know

Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Similar Deals

Contact

Get in touch with the broker you want

Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$210,653.50

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$14,032.63
Cash-on-Cash Return-1.27%
Monthly Debt Service$18,723.84
Annual Debt Service$224,686.13