SANTA MONICA, CA - 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 Roberts Stepp. “That upside, along with the asset’s location, garnered a strong amount of interest with a total of six offers.”
Stepp Commercial is a full service real estate firm specializing in the sale of multifamily properties ranging in size from $1 million to $50 million in Long Beach, California. Led by Principal Robert Stepp, the company has been ranked as the #1 multifamily brokerage firm in Long Beach for four years in a row with nearly $500 million in transactional volume over the past 11 years. Stepp Commercial approaches real estate from a client-centric perspective with the goal of developing long-term relationships and providing apartment owners with a fully integrated sales platform built on integrity, comprehensive market knowledge, and local real estate expertise. Stepp Commercial focuses on one market and one product type and is committed to being the definitive resource for multifamily investors in the Long Beach real estate market.