LOS ANGELES, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $1.55 million sale of the 12th Street Bungalows, a six-unit apartment property in Santa Monica, Calif. Located at 1844-1848 12th Street, the property is near Santa Monica College and is near the trendy restaurants and shops on Ocean Park Boulevard and Main Street.
Principal Kimberly R. Stepp of Stepp Commercial represented the seller, a Los Angeles-based family trust, as well as the buyer, Los Angeles-based Denali 1844 LLC. The property closed at a low 3.1 percent cap rate and a gross rent multiplier of 19.2.
“This property offered the buyer an approximately 117 percent upside in rents and an attractive cost per unit,” said Stepp. “The buyer plans to reposition the asset and hold to capture long-term value.”
Built in 1938, 12th Street Bungalows consists of one- and two-bedroom bungalow style floorplans and was fully occupied at the time of sale.
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