Santa Monica Apartment Complex On 20th Street Sold For $6 Million
Posted Feb. 27, 2014, 8:05 am
Brenton Garen / Editor-in-Chief
A 20-unit multifamily property located at 1027-1033 20th Street in Santa Monica has sold for $6 million.
Kimberly Roberts Stepp, senior managing director with Charles Dunn Company, represented the seller, Santa Monica-based Eisen, LLC, as well as the buyer, Los Angeles-based 1027 ENA, LLC. The transaction closed at a 3.7 percent cap rate.
Built in 1956, the property is located north of Wilshire and just two blocks south of Montana Ave.
It includes two, three-bedroom/two-bathroom units; 12, two-bedroom/one-bathroom units; and six, one-bedroom/one-bathroom units.
Stepp said this property offered the buyer excellent upside potential as the rents were 67 percent below market rates.