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| Kimberly Roberts Stepp |
Santa Monica, CA, Nov. 16, 2015 – Stepp Commercial, a leading
multifamily brokerage firm in the Santa Monica market, has completed the $2
million sale of fully occupied, 10-unit apartment property located at 2250 30th
Street on the corner of Pico Blvd. and 30th in Santa Monica.
Kimberly Roberts Stepp, principal with Stepp Commercial, represented the
seller, a Los Angeles-based private investor, as well as the Los Angeles-based
private buyer. The closing cap rate on the transaction was 3.6 percent.
“This property presented
the buyer a commercially zoned asset with a low per-unit cost for the
neighborhood and a potential upside in rents of approximately 98 percent,” said
Roberts Stepp. “The buyer is planning a complete renovation and repositioning of
the asset to capitalize on long-term appreciation.”
Stepp added that the
property garnered strong interest with multiple offers and sold at $50,000 over
the asking price.
Built in 1956, the
two-story property consists of two studio units, seven one-bedroom units, and
one two-bedroom unit. The asset features balconies and patios, a laundry room,
extra storage space, and ample parking. It is also well located near Santa
Monica Community College and the new Expo Station.
For a complete copy of the company’s news release,
please contact:
Darcie Giacchetto
949.278.6224
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