Stepp Commercial, a leading multifamily brokerage firm in the Santa Monica market, has completed the $2 million sale of fully occupied, 10-unit apartment property located at 2250 30th Street on the corner of Pico Blvd. and 30th in Santa Monica.
Kimberly Roberts Stepp, principal with Stepp Commercial, represented the seller, a Los Angeles-based private investor, as well as the Los Angeles-based private buyer. The closing cap rate on the transaction was 3.6 percent.
“This property presented the buyer a commercially zoned asset with a low per-unit cost for the neighborhood and a potential upside in rents of approximately 98 percent,” said Roberts Stepp. “The buyer is planning a complete renovation and repositioning of the asset to capitalize on long-term appreciation.”
Stepp added that the property garnered strong interest with multiple offers and sold at $50,000 over the asking price.
Built in 1956, the two-story property consists of two studio units, seven one-bedroom units, and one two-bedroom unit. The asset features balconies and patios, a laundry room, extra storage space, and ample parking. It is also well located near Santa Monica Community College and the new Expo Station.
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