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5/07/23
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A two-building, 16-unit apartment property in Long Beach sold for $5 mil, or $312.5k/unit. The property is located at 916 to 924 St. Louis Ave.
Built in 1963 and 1972, the property includes a unit mix ranging from one-bedroom units to a six-bedroom unit, eight parking spaces, and on-site laundry facilities. Eleven of the units are collecting reliable Section 8 rents.
Robert Stepp, Michael Toveg, Larry Bustamonte and Travis Traweek of Stepp Commercial Group represented the seller, a Long Beach-based private investor. The buyer was a Long Beach-based seasoned investor who owns more than 200 multifamily units in Long Beach.
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