October 17, 2019 – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.03 million sale of a 10-unit, value-add apartment property located at 1871 Chestnut Avenue in the Wrigley neighborhood of Long Beach, CA.
Robert Stepp and Travis Traweek of Stepp Commercial represented the seller, a Los Angeles-based private investor. The buyer was a private investor from Los Angeles. The transaction closed at a price per unit of $203,000.
“This asset offers the new ownership a strong opportunity to add value as rents are 17 percent below market rates,” said Stepp. “The buyer plans to renovate and reposition the property in order to capture area renters looking for quality apartment living within a prime Wrigley neighborhood.”
Built in 1964, the two-story property totals 6,660 square feet and includes eight one-bedroom units, two two-bedroom units, and six garages.
The Wrigley neighborhood was one of first communities established in Long Beach. It includes Veteran’s Park, a community park, and provides access to local freeways, light rail (blue line) and Wrigley Marketplace, a transit-oriented shopping district.