Saturday, April 16, 2016

Stepp Commercial Completes $4.2 Million Apartment Property Sale in Santa Monica, CA

Kimberly Roberts Stepp
                                                                                       Santa Monica, CA – Stepp Commercial, a leading multifamily brokerage firm in the Santa Monica market, has completed the $4.2 million sale of a 10-unit apartment property located at 1846 10th Street in Santa Monica. 

Kimberly Roberts Stepp, principal with Stepp Commercial, represented the parties. The seller was Los Angeles-based Idaho Land Management, LLC, and the buyers were private individuals from Los Angeles. The transaction closed at cap rate of 3.6 percent and the price per unit was $420,000 which is the top of the market for similar properties in the area. 

Built in 1958, the two-story building consists entirely of two-bedroom, one-bathroom units. The seller recently renovated the entire property and upgraded the units with individual washers and dryers, custom retro style finishes and new electrical panels throughout. 

“This property is within a prime location near Third Street Promenade and the Santa Monica Pier, and it offered ample on-site and street parking options which are rare for the area,” said Roberts Stepp. “The demand for apartment properties like this one is very high from investors as this market continues to thrive. There were several offers on this asset which sold for full asking price.”

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

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