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| 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
949.278.6224
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