SANTA MONICA, CA - Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the approximately $4.5 million sale of the 34th Street Village Apartments, a fully vacant 12-unit apartment property located in the Sunset Park district of Santa Monica, Calif.
Principal Kimberly Stepp of Stepp Commercial represented the buyer, 2441 34th Street 2 LLC and the seller was a Los Angeles-based private investor. The property closed at a price per unit of $374,500.
“The 34th Street Village Apartments offered a unique opportunity for our client, as it has been completely vacant since 2015 and subject to rent control restrictions of the Ellis Act. By 2020, the new ownership will be able to achieve market rents outside of former rent control rates, making this an extremely attractive long-term investment opportunity with significant future upside. In the meantime a non-profit organization intends to occupy the space.”
Originally built in 1950, this single building, two-story property is located at 2441 34th Street and consists of four two-bedroom units and eight one-bedroom units. It is located on a quiet, tree-lined street, approximately one mile from the beach in the Sunset Park residential district, one of Santa Monica’s thriving neighborhoods. The property is within walking distance to office properties and job centers surrounding Santa Monica Airport, the eclectic mix of restaurants on Ocean Park Boulevard, and offers near immediate access to the 10 Freeway. Sunset Park is a pedestrian friendly urban neighborhood with distinct beach city charm.
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