LOS ANGELES, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.79 million sale of a fully occupied seven-unit property ideally located adjacent to The Grove at 156-160 South Hayworth Avenue in Los Angeles.
Kimberly Roberts Stepp, principal, with Stepp Commercial, represented the buyer, a private investor from Los Angeles. The seller was a Los Angeles-based family trust. The transaction closed at a cap rate of just 3.6 percent.
“This property offers the buyer an upside in rents, the opportunity to add value through upgrading units, and a coveted location near The Grove and at the end of a residential tree-lined street,” said Stepp.
Built in 1936, the two-story property consists of a rare unit mix that includes a three-bedroom penthouse with elevator, one three-bedroom unit, two two-bedroom units, and three one-bedroom units.
About Stepp Commercial: Stepp Commercial is a brokerage firm specializing in the multifamily sector for properties ranging in size from $1 million to $50 million. Stepp Commercial’s mission is to provide apartment owners with a fully integrated sales platform that includes comprehensive market knowledge and local real estate expertise to successfully complete any type of multifamily transaction. For more information visit steppcommercial.com