LOS ANGELES, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the nearly $2.85 million sale of a fully occupied six-unit property located at 1141 19th Street in Santa Monica.
Kimberly R. Stepp and Aynsley Armbrust with Stepp Commercial represented the seller, The Credit Shelter Trust, and Kimberly R. Stepp represented the buyer, Nina Property Management. The transaction closed at a cap rate of just 3.4 percent and at a price per unit of $451,250.
“This property is in a prime north of Wilshire location and offers the buyer an 87 percent potential upside in rents, and an excellent unit mix,” said Stepp.
Built in 1973, the two-story property consists of a mix of two- and three-bedroom townhouse units. The units feature en suite bathrooms, fireplaces, hardwood floors, tiled kitchens and baths, Caesarstone countertops, and private patios and garages.
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 steppcommercial.com