LOS ANGELES, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.84 million sale of The Oak Street Apartments, a six-unit apartment property located at 2450 Oak Street in the Sunset Park area of Santa Monica, Calif.
Principal Kimberly R. Stepp of Stepp Commercial represented the seller, Los Angeles-based 2450 Oak Street, LLC, as well as the buyer, a Los Angeles-based family trust. The property closed at a 3.8 percent cap rate and a price per unit of approximately $473,000. The 3,569-square-foot property also sold for nearly $800 per square foot, one of the highest ever secured in this area of Santa Monica.
“This Santa Monica apartment property was attractive to the buyer as it is a well-maintained, upgraded property with a lot of coastal charm which is highly coveted by area renters. It also provided favorable seller financing,” said Stepp. “Santa Monica continues to be the darling of Los Angeles’ apartment investment market as it offers a beach community with all the local amenities residents demand and public transit that leads to a number of popular locations throughout the greater region.”
Built in 1948 by prolific Santa Monica builder and designer, Cecil Gale, the fully occupied property is comprised entirely of bungalow-style one-bedroom units with hardwood floors, oak inlaid countertops, walk-in closets and upgraded kitchens. The asset features lush landscaping, five private garages, and is situated on a tree-lined street with ample parking.
The Oak Street Apartments property is located near Pico Blvd. and offers easy access to the 10 and 405 freeways. The property is also a half-mile from Santa Monica College.
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