LOS ANGELES, CA - Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.5 million sale of a six-unit apartment property in a prime neighborhood next to Clover Park in Santa Monica.
Kimberly R. Stepp principal with Stepp Commercial, represented the seller, a Los Angeles-based family trust, as well as the buyer, Landmark Villas West, LLC. The closing cap rate was 3.6 percent.
“This property sold for full list price and at a strong price per square foot of $700,” said Stepp. “The buyer opted to put 20 percent down and use seller financing as it was an attractive option. He plans on upgrading and leasing the vacant units to add immediate value.”
Built in 1948 and located at 2450 Oak Street, the two-story property features six bungalow-style one-bedroom units and private garages and was recently improved with a new roof and plumbing. The property is well-located on a tree-lined residential street.
About Stepp Commercial: Stepp Commercial is a brokerage firm specializing in the multifamily sector. 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