The $5 million sale of a two-building, 16-unit apartment property at 916 to 924 St. Louis Avenue in Long Beach, CA, was recently brokered by Stepp Commercial Group. The property, located in the Long Beach market, offers a mix of one- to six-bedroom units and includes eight parking spaces and on-site laundry facilities. Eleven of the units collect Section 8 rents, making it an attractive investment opportunity. The buyer, a seasoned investor with over 200 multifamily units in Long Beach, was able to secure assumable financing at a below-market rate for the transaction.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $5,000,000
• Units: 16
• Price Per Unit (PPU): $312,500
• Address: 916 - 924 St. Louis Avenue
• Market: Long Beach
• Brokers: Robert Stepp, Michael Toveg, Larry Bustamonte, Travis Traweek - Stepp Commercial Group

The sale of the St. Louis Avenue property was facilitated by the team at Stepp Commercial Group. With their expertise and connections, they were able to negotiate and secure favorable financing terms, allowing the buyer to make a sound investment. This transaction adds to the buyer's existing portfolio of multifamily units in Long Beach and further strengthens their foothold in the market.