Stepp Commercial Completes Multimillion-Dollar Sale

Principal Robert Stepp and Vice President Michael Toveg of Stepp Commercial represented the seller, Long Beach-based Northpoint Realty, and the buyer, VMG Properties from Santa Monica, in the $2.16 million sale of a multifamily residential complex. “This property was purchased as a value-add opportunity, and the buyer is planning on making significant renovations to improve the property,” Stepp said. “As the Long Beach market continues to strengthen, the demand for well-located, improved rental units increases.” The nine-unit property is located at 2320 E. 6th St. and consists of eight two-bedroom units and one one-bedroom unit. The sale breaks down to $240,000 per unit in the two-story building, which was built in 1961.

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