SANTA MONICA, CA - Stepp Commercial, a leading multifamily brokerage firm in the Santa Monica market, has completed the $2.7 million sale of a fully occupied six-unit apartment property located in the prime, north of Wilshire area just one block south of Montana Avenue at 919 20th Street in Santa Monica.
Kimberly Roberts Stepp, principal with Stepp Commercial, represented the seller, Los Angeles-based Devlaur, LLC, as well as the buyers, San Diego-based private investors. The transaction closed at a cap rate of 3.4 percent and the price per unit was $450,000.
“This ideally located, well maintained property was a suitable 1031 exchange and is a solid long-term investment for the buyers,” said Stepp. “The new ownership plans on making additional unit upgrades in order to bring rents up to market rates upon future vacancies. In this particular area of Santa Monica rents have peaked to record levels due to the upscale neighborhoods and highly rated school district.”
Built in 1950 and situated on an over-sized lot in excess of 8,000 square feet, the bungalow-style property consists of three two-bedroom units and three one-bedroom units.
About Stepp Commercial: Stepp Commercial is a brokerage firm specializing in the multifamily sector for properties ranging in size from $1 million to $50 million. 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 teamstepp.com