Stepp Completes $1.7 Million Sale of Oak Street Bungalows in Santa Monica, CA

PACIFIC PALISADES, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $1.7 million sale of Oak Street Bungalows, a five-unit apartment property located at 2444 Oak Street in Santa Monica, CA. The property is near the beach and the world-famous Santa Monica Pier.

Principal Kimberly Stepp of Stepp Commercial represented the seller, a Los Angeles-based private investor, and the buyer, Gortkov Enterprises. The price per square foot was $588.

Built in 1937, the property is situated on a large corner lot and includes three bungalow-style units, a one-bedroom loft unit, and a studio apartment all of which feature hardwood floors, private dual entrances, patios, and private outdoor space.

β€œThe new ownership is planning on renovating and creating additional value as the rents have a potential 48 percent upside,” said Stepp.

Santa Monica continues to be one of the hottest residential markets within the greater Los Angeles region as it provides residents a coastal lifestyle with a myriad of nearby retail, dining, and entertainment amenities. It also offers public transit options as well as nearby employment within the thriving Silicon Beach tech, media and entertainment hubs. With a median home price of $1.8 million in Santa Monica, rental demand remains strong.