Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $8.88 million sale of Royal Pacific Apartments, a 21-unit apartment property in a prime neighborhood in Santa Monica, Calif.
Principal Kimberly R. Stepp of Stepp Commercial represented the seller, a Los Angeles-based family trust, as well as the buyer, a Los Angeles-based private investor. The property closed at a price per unit of just over $423,000 and at a cap rate of 2.3 percent.
“Located in the most desirable location of Santa Monica, this pride-of-ownership property offered the buyer an incredible asset with 53 percent upside in rents,” said Stepp.
Built in 1957, Royal Pacific Apartments is located on a prime double corner lot at 855 6th Street and the corner of Idaho Avenue. The two-story building features an Art Nouveau style entryway, oversized units, ample parking, on-site laundry, and all units include hardwood floors. The unit mix includes two three-bedroom units, six two-bedroom units and 13 one-bedroom units.
The property is located north of Wilshire and is just one block south of Montana Avenue. It is well-located within walking distance to Santa Monica Beach, Santa Monica Pier and Third Street Promenade shops and restaurants.