LOS ANGELES, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $4.14 million sale of Pacific Apartments, a vacant, 11-unit apartment building located at 12240 Pacific Avenue in Mar Vista, a Westside neighborhood of Los Angeles.
Principal Kimberly R. Stepp and Senior Vice President Mark Ventre of Stepp Commercial represented the seller and the buyer who are both Los Angeles-based private investors. The property closed at a price per unit of approximately $376,364.
Built in 1964, the 6,532-square-foot, two-story building on a 7,499-square-foot lot consists of two, two-bedroom units; seven one-bedroom units; one studio unit; and one bachelor unit, with 11 ground-floor parking spaces.
“The vacant property presented a great opportunity for an investor to enter a prime Westside submarket and quickly reposition the asset to luxury, high-end specifications in a desirable Mar Vista location,” said Ventre. “Once renovated, the asset will attract tenants seeking this highly coveted and increasingly affluent neighborhood.”
Stepp added, “This ‘Main and Main’ Mar Vista location is one of the hottest areas on the Westside, and we expect continued rent growth in this submarket for the foreseeable future.”
The Pacific Apartments property is located just steps from trendy artisan coffee shops, chef-inspired restaurants, record shops and other specialty stores. The property is also just 5 miles from Los Angeles International Airport (LAX) and a short distance to Interstate 405 for quick access to the entire Westside.
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