Stepp Commercial, a leading multifamily brokerage firm in the Santa Monica market, has completed the $2.5 million sale of fully occupied, six-unit apartment property located at 1820 12th St. in Santa Monica.
Kimberly Roberts Stepp, principal with Stepp Commercial, represented the seller, a Los Angeles-based private investor. The buyer, Los Angeles-based 126 Company, was represented by MYI, Inc. The closing cap rate was an extremely low 3 percent and a per-unit price of $417,000.
Built in 1973, the property includes one, three-bedroom unit; and five, two-bedroom units.
“This property presented the buyer with an opportunity to reposition and add value to the asset which is situated on a quiet, tree-lined street that is undergoing a favorable amount of revitalization,” said Stepp. “There are new condo developments that recently completed across the street and next door to this asset. This bodes well for property appreciation, as more capital flows into this well-located neighborhood.”