Stepp Commercial Completes $2.1 Million Sale of Apartment Property in Santa Monica, CA

Kimberly R. Stepp

Los Angeles, CA - Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the approximately $2.1 million sale of a six-unit apartment property located at 2206-2208 1/2 Ocean Park Boulevard, in the desirable Sunset Park area of Santa Monica.

Kimberly R. Stepp and Aynsley Armbrust with Stepp Commercial, represented the seller, Los Angeles-based Gerst Family Trust. Stepp also represented the buyer, a Los Angeles-based private investor.  The property sold for a low cap rate of 3.5 percent, a high price per unit of $337,500, and $605 per square foot, which is close to record level in the area.

Aynsley Armbrust

"This property offered a prime location that is walking distance to the Green Street district of Ocean Park," said Stepp. "The buyer plans to hold this investment in their portfolio for the long term."

Built in 1948, the one-story property consists of a six bungalow-style one-bedroom, one-bathroom units. The units feature hardwood floors, crown molding, and private entrances.

Stepp Commercial is a brokerage firm specializing in the multifamily sector for properties ranging in size from $1 million to $50 million.

 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 http://steppcommercial.com

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224