LOS ANGELES, CA - Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.26 million sale of The Ocean Park Bungalows, two fully occupied apartment buildings located at 2206-2208½ Ocean Park Boulevard, in the Sunset Park neighborhood of Santa Monica, Calif.
Principal Kimberly Roberts Stepp of Stepp Commercial represented the seller, the Speroni Trust, as well as the buyer, Boxer Wachler Family Trust. The property closed at a low 3.2 percent cap rate and a price per unit of approximately $377,000.
Built in 1948, the 6,847-square-foot property consists of six one-bedroom units, located less than half a mile from Santa Monica College.
“The Ocean Park Bungalows are near the popular Clover Park in an up-and-coming neighborhood of Santa Monica,” said Stepp. “The buyer will have the advantage of the upside in rents in a quiet and increasingly desirable neighborhood.”
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