A 12-unit, two-building property has traded hands in a revitalizing area of north Long Beach. A private investor purchased the property for $2.85 million or $237,500 and a 6% cap rate.

Built in 1961, the two-building property totals 7,712 square feet and features four one-bedroom units and eight two-bedroom units. All 12 units were recently renovated to include hardwood flooring, custom cabinetry, granite countertops, stainless steel appliances and modern lighting and fixtures.

Principal Robert Stepp of Stepp Commercial represented the seller in the deal.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.