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| 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.
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| 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
949.278.6224
Giacchetto Communications
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