Tuesday, May 2, 2017

Stepp Commercial Completes $2.75 Million Sale of Value-Add Apartment Property in Santa Monica, CA

Kimberly R. Stepp

Los Angeles, CA,  May 2, 2017 – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the approximately $2.75 million sale of a six-unit apartment property located at 2728 Arizona Avenue in Santa Monica.

2728 Arizona Avenue, Santa Monica, CA
Kimberly R. Stepp, principal with Stepp Commercial, represented the seller, Chang Family Trust and the buyer was a Los Angeles-based private investor.  

The property sold for a low cap rate of 3.1 percent, a high price per unit of nearly $452,000, and a record price per square foot of $644 for the local area.

“This property provided the buyer with an excellent value-add opportunity with a 25 percent upside in rents,” said Stepp. “With a 50 percent vacancy, the new owner plans to update the vacant units and secure new tenants at market rental rates.”

Built in 1947, the two-story property consists of a mix of one, two- and three-bedroom units. It sits on a large corner lot one block south of Wilshire Blvd. The asset features private garages, private washers and dryers, and a courtyard. 

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

Darcie Giacchetto
Giacchetto Communications

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