LOS ANGELES, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the approximately $2.75 million sale of a six-unit apartment property located at 2728 Arizona Avenue in Santa Monica.
Kimberly R. Stepp, principal with Stepp Commercial, represented the seller, Chang Family Trust and the buyer was a Los Angeles-based private investor. The property sold for a low cap rate of 3.1 percent, a high price per unit of nearly $452,000, and a record price per square foot of $644 for the local area.
“This property provided the buyer with an excellent value-add opportunity with a 25 percent upside in rents,” said Stepp. “With a 50 percent vacancy, the new owner plans to update the vacant units and secure new tenants at market rental rates.”
Built in 1947, the two-story property consists of a mix of one, two- and three-bedroom units. It sits on a large corner lot one block south of Wilshire Blvd. The asset features private garages, private washers and dryers, and a courtyard.
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