LOS ANGELES, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.9 million sale of The Vogue Apartments, a six-unit apartment property in Santa Monica, Calif. Located at 633 9th Street just north of Wilshire Blvd., the property is walking distance to the prestigious Montana Avenue shops and restaurants.
Principal Kimberly R. Stepp of Stepp Commercial represented the seller, a Los Angeles-based family trust, as well as the buyer, Los Angeles-based MMG Investments.
The property closed at a price per unit of just over $483,000 and at an extremely low cap rate of 1.8 percent – one of the lowest cap rates for an apartment property in Santa Monica over the past 24 months. The gross rent multiplier was 27.1.
“The Vogue Apartments is a rare trophy asset in one of Santa Monica’s most coveted residential locations,” said Stepp. “This property is within a neighborhood consisting of mostly single-family residences and is just a short walk to Montana Avenue and the beach.”
Stepp added, “Although the property sold for a strong price and a very low cap rate, the buyer saw the substantial longer-term upside with this irreplaceable real estate in a top location.”
Built in 1937, The Vogue Apartments was designed by G.C. McAllister in the Nautical Streamline Modern Style. The property includes five one-bedroom units and one two-bedroom unit and features in-unit washer/dryers, hardwood floors, original crown molding, upgraded kitchens with new appliances and breakfast nooks, private garages and storage, and Art Deco style finishes.
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