March 24, 2023 Breaking News, Latest News, and Videos

Six-Unit Santa Monica Apartment Property On 12th Street Sold For $2.5 Million:

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.”

in News
Related Posts

California Appeals Court Rules Uber and Lyft Can Classify Drivers as Independent Contractors

March 24, 2023

March 24, 2023

Proposition 22 exempted ride-share companies from certain labor laws, court rules in favor of the companies By Sam Catanzaro ​​A...

Film Review – Operation Fortune: Ruse de Guerre

March 24, 2023

March 24, 2023

FILM REVIEWOPERATION FORTUNE: Ruse de GuerreRated R114 MinutesReleased March 3rd Now that the season of weighty Oscar contender films is...

Santa Monica Uses Innovative Water Recycling Facility to Capture and Store Rainwater

March 23, 2023

March 23, 2023

City’s Sustainable Water Infrastructure Project reducing reliance on imported water and sets a model for future projects Santa Monica has...

Shuttered Santa Monica Loews Hotel to Rebrand and Reopen as a Regent Hotel

March 23, 2023

March 23, 2023

Hotel’s new operator announces plans for $4 million renovation, including rebranding and upgrading accessibility for guests with disabilities By Dolores...

Three Arrested for Identity Theft, Possession of Stolen Property, and Grand Theft in Santa Monica

March 23, 2023

March 23, 2023

Suspects found with over 20 stolen cellphones, credit cards, and identification Three individuals were arrested in Santa Monica for identity...

Proposal for Improved Communication With Street Vendors Sparks Contentious Debate in City Council Meeting

March 23, 2023

March 23, 2023

Councilmembers divided over proposal calling for City Manager to engage in meaningful consultation with authorized vendors regarding sidewalk vending policies...

Former Bank Building in Santa Monica Becomes a Food Destination with Addition of Katsu Bar

March 23, 2023

March 23, 2023

Katsu Bar joins Paderia and Oakberry in the transformation of the 3032 Wilshire building By Dolores Quintana Katsu Bar has...

Survey: Should Officials Remove Barriers to Outdoor Dining?

March 23, 2023

March 23, 2023

The COVID-19 pandemic drastically changed the way we live our lives, and one of the most significant impacts has been...

Gasolina Cafe Owner, Sandra Cordero, to Open New Tapas Bar in Santa Monica

March 23, 2023

March 23, 2023

Tapas bar expected to open late spring in former Heroic Italian space at 516 Santa Monica Boulevard  Sandra Cordero, the...

California’s AB 1217 Could Supersede Costly Outdoor Dining Permits Proposed by Municipalities

March 22, 2023

March 22, 2023

Legislation would preempt local ordinances and preserve regulatory flexibility for struggling neighborhood restaurants By Sam Catanzaro A new bill proposed...

Emerging Artist Jesse Liu Opens First-Ever Exhibition in Venice Gallery

March 22, 2023

March 22, 2023

“Spring Fever” currently on display at Yiwei Gallery By Keemia Zhang Local artist Jesse Liu has opened her first solo...

Santa Monica Place Invites LGBTQIA+ Artisans to Apply for Made With PRIDE Marketplace

March 21, 2023

March 21, 2023

Partnering with Streetlet, the marketplace will take place each weekend in June and showcase local goods made in Southern California....

Santa Monica Councilmember Phil Brock Appointed to National League of Cities Council on Youth, Education, and Families

March 21, 2023

March 21, 2023

Brock to collaborate with group of local leaders to develop and guide programs for communities across the country Santa Monica...

Santa Monica Receives $70,000 Donation From Kiwanis Charities for Scoreboards in Two Parks

March 21, 2023

March 21, 2023

Donation will fund the installation of new scoreboards at Historic Belmar Park and Los Amigos Park The Santa Monica City...

Should Santa Monica Close the Airport?

March 21, 2023

March 21, 2023

Santa Monica City Council recently voted to begin the process of closing Santa Monica Municipal Airport. The decision was kick-started...