LOS ANGELES, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $4.25 million sale of The Aloha Apartments, a nine-unit apartment property located at 501 California Avenue, a highly desirable residential street north of Wilshire Blvd. and a few blocks from Montana Avenue.
Principal Kimberly Stepp of Stepp Commercial represented the Los Angeles-based seller, the Dinwiddle Family Trust, and the buyer, a private investor from Torrance. The property closed at a 3.7 percent cap rate. The price per unit was $472,222, and the price per square foot was $573.
“This property offered a rare opportunity to acquire a trophy property five blocks from the beach, in one of the most desirable submarkets of L.A. County,” said Stepp. “Demand for rentals is high in Santa Monica, a magnet for young professionals in entertainment and technology who want to live where they work and play.”
Built in 1959, the 7,421-square-foot, two-story building comprises seven one-bedroom/one-bath units, one two-bedroom/one and a half-bath unit, and one two-bedroom/one-bath unit. Advantageously sited on the corner of California Avenue and Fifth Street, the building offers spacious units with vaulted celings and private garages and patios. The Aloha Apartments are within walking distance of the beach and Santa Monica’s world-famous Third Street Promenade, prestigious Montana Avenue, and Santa Monica Pier. The Santa Monica oceanfront with its distinctive character is a sought-after destination, offering spectacular views, beachside fun, and attractive dining, shopping, and entertainment opportunities.
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 in the prime local markets.
For more information visit steppcommercial.com