Stepp Commercial has completed the $2.45 million sale of an 80 percent vacant, seven-unit apartment property located near Broadway Avenue at 1446 Yale Street in Santa Monica.
Kimberly Roberts Stepp, principal with Stepp Commercial, represented the buyer, Los Angeles-based NMS Properties. The seller was a private investor from Los Angeles. The transaction closed at a cap rate of 4.1 percent and the price per unit was $350,000.
“The property was nearly vacant at the close of escrow and had a considerable amount of deferred maintenance,” said Stepp. “This opportunity to add value through a renovation and repositioning of the asset was exactly the type of opportunity my client was seeking. The Santa Monica market has an insatiable demand for high-quality apartments from the growing resident base here and rent levels are at all-time highs.”
Built in 1946 and situated on an oversized lot on a quiet tree-lined street, the property consists of six charming bungalow-style one-bedroom units and one studio unit. It is within walking distance to one of the new Metro Expo Line stations with direct access to downtown Santa Monica.