SANTA MONICA, CA - Stepp Commercial, a leading multifamily brokerage firm in the Santa Monica market, has completed the $2,525,000 sale of a fully occupied, six-unit apartment property located at 1426 Princeton Street near Santa Monica Blvd. and the 10 Freeway in Santa Monica.
Kimberly Roberts Stepp, principal, and Aynsley Armbrust, vice president, with Stepp Commercial, represented the seller, a Los Angeles-based private investor. The buyer was Los Angeles-based 1038 El Media Place, LLC. The closing cap rate on the transaction was 3.25 percent.
“The buyer was in a 1031 exchange and was seeking a well-located property on the Westside,” said Roberts Stepp. “This is a stable asset with recently renovated units and a large, three-bedroom unit that can be used by the owner. There is also an opportunity to add value by bringing rents up to market rates.”
Built in 1966, the property consists of four one-bedroom units, one two-bedroom unit and a three-bedroom unit with a front yard. All of the units include hardwood flooring, custom designed kitchens, patios, and fireplaces. The property is within walking distance to the Water Garden and Colorado Center Park.
About Stepp Commercial: Stepp Commercial is a brokerage firm specializing in the multifamily sector for properties ranging in size from $1 million to $50 million. Stepp Commercial’s mission is to provide apartment owners with a fully integrated sales platform that includes comprehensive market knowledge and local real estate expertise to successfully complete any type of multifamily transaction. For more information visit SteppCommercial.com