SANTA MONICA, CA - Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.5 million sale of the Idaho Bungalows Apartments, a six-unit garden style apartment property located north of Wilshire Blvd. in Santa Monica, Calif.
Principal Kimberly R. Stepp of Stepp Commercial represented both the seller, a private trust from Los Angeles, and the buyer, Los Angeles-based Fusion Management. The property closed at a 2.1 percent cap rate and a price per unit of $416,000.
“Santa Monica is one of Los Angeles’ most desirable coastal submarkets and is at the heart of the booming Silicon Coast business community,” said Stepp. “This property meets the long-term investment goals of the purchaser, and while acquired at a low initial cap rate, it offers significant upside as it performs at the top of the market for decades to come.”
Built in 1922, the garden style, single-story property located at 522-532 Idaho Avenue features a mix of six bungalow style studio and one-bedroom units, 100 percent occupied at time of closing. This charming property is located north of Wilshire in prime Santa Monica, only one block from trendy Montana Avenue and five blocks to the ocean.
About Stepp Commercial: Stepp Commercial is a brokerage firm specializing in the multifamily property 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