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December 15, 2017
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LOS ANGELES COUNTY NEWS
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Long Beach Residential/Retail Property Trades in $3 Mil Deal

11/20/17

Tam Trust paid $3.05 mil for East 7th Street Apartments, a 22-unit ($138.6k/unit) mixed-use apartment-over-retail property in the historic Rose Park District of Long Beach. The property was sold by Redempta Catolica Trust.

Built in 1922 and located at 2307 E. 7th St, the property includes 12 residential units (six one-bedrooms and six studios) and 10 retail spaces. The property is within the Rose Park Historic District, a rapidly improving area situated across the street from a newly renovated neighborhood shopping center.

Robert Stepp of Stepp Commercial represented the seller in the deal. The buyer was repped by Buckingham Investments. The property closed at a 5.3% cap rate.

“This property is extremely walkable and is situated on a highly visible corner location at Raymond Avenue and East 7th Street,” said Stepp. “We marketed this asset as a value-add opportunity for the new ownership to renovate and bring rates up to market rates as leases expire.”





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