Stepp Commercial, a leading multifamily brokerage firm in the Santa Monica market, has completed the $2.2 million sale of fully occupied, six-unit apartment property located at 1830 12th Street near Michigan Avenue in Santa Monica.
Kimberly Roberts Stepp, principal with Stepp Commercial, represented the seller, Los Angeles-based 2820 3rd Street, LLC. The buyer was Los Angeles-based Zian, LLC. The closing cap rate on the transaction was 3.6 percent and the price per unit was nearly $367,000.
Built in 1959, the two-story property consists entirely of two-bedroom units. It is well located near Santa Monica College, Main Street Shops, the Santa Monica Pier and the new Light Rail Metro line.
“We marketed this property as a value-add opportunity with a 40 percent upside in rents,” said Robert Stepp. “That upside, along with the asset’s location, garnered a strong amount of interest with a total of six offers.”