Wednesday, December 7, 2016

Stepp Commercial Completes $2.79 Million Sale of Well-Located Apartment Property Near The Grove in Los Angeles, CA

Kimberly Roberts Stepp

Los Angeles, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.79 million sale of a fully occupied seven-unit property ideally located adjacent to The Grove at 156-160 South Hayworth Avenue in Los Angeles.

Kimberly Roberts Stepp, principal, with Stepp Commercial, represented the buyer, a private investor from Los Angeles. The seller was a Los Angeles-based family trust. The transaction closed at a cap rate of just 3.6 percent. 

“This property offers the buyer an upside in rents, the opportunity to add value through upgrading units, and a coveted location near The Grove and at the end of a residential tree-lined street,” said Stepp.

Built in 1936, the two-story property consists of a rare unit mix that includes a three-bedroom penthouse with elevator, one three-bedroom unit, two two-bedroom units, and three one-bedroom units.

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

Darcie Giacchetto
D.G. Communications, Inc.

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