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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 $3.2
million sale of a fully occupied 13-unit property located at 1313 Pico
Boulevard in Santa Monica.
The commercially zoned,
two-story property includes 11 residential apartment units as well as two
commercial spaces occupied by a hair salon and an accounting firm.
Kimberly Roberts Stepp, principal, and Aynsley
Armbrust, vice president, with Stepp Commercial, represented the seller, a
private trust from Los Angeles, as well as the buyer, North Hollywood-based MGA
Investments, Inc. The transaction closed at full asking price with a low cap
rate of just 2.8 percent and gross rent multiplier (GRM) of 19.
“This property offers the
buyer the value-add potential of 80 percent upside in rents,” said Stepp. “The
new owner is negotiating buyouts with existing tenants and will renovate and
reposition the property in the near future in order to maximize value.”
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| Aynsley Armbrust |
Stepp added: “This area of
Santa Monica is continuing to improve with an influx of A-plus credit tenants,
high-end restaurants and shops, new development and proximity to the Expo
Line.”
Built in 1946, the
property consists of 10 one-bedroom units, one two-bedroom unit, and two
commercial units. The well-located asset is just 12 blocks from the numerous
shops and restaurants on Ocean Avenue and Main Street.
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
www.steppcommercial.com
For a
complete copy of the company’s news release, please contact:
Darcie Giacchetto
949.278.6224
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