SANTA MONICA, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.35 million sale of The Bungalows on Ocean Park, a fully occupied six-unit apartment property located at 1007 Ocean Park Blvd. in Santa Monica.
Principal Kimberly Stepp with Stepp Commercial, represented the seller, a private trust from Los Angeles, as well as the buyer, Rex Enterprises, LLC. The transaction closed at a low cap rate of 3 percent and the price per unit was approximately $392,000.
“This property is in excellent condition within the prime Sunset Park neighborhood of Santa Monica,” said Stepp. “We were able to identify an exchange buyer who offered full asking price for the property, and we closed escrow within 30 days.”
Built in 1962, the two-story property consists of two two-bedroom units and four one-bedroom units. The property features six private garages, a gated entry and private gated patios. It is within walking distance to Main Street and is close to Dorothy Green Park which provides direct access to the beach.
About Stepp Commercial: Stepp Commercial is a brokerage firm specializing in the multifamily 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 steppcommerical.com