Santa Monica, Calif. February 9, 2022 – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.325 million sale of a six-unit bungalow-style apartment property located at 1318 19th Street in Santa Monica, CA.
Stepp Commercial Principal Kimberly R. Stepp and Investment Associate Arian Rejaei represented the seller, a Los Angeles-based private investor. The buyer was Princess Apartments GP. The property closed at a 2.21% cap rate and at a price per square foot of $586.
“Located in a prime area of Santa Monica, this property was sold with a vacant two-bedroom unit providing immediate upside. Additionally, current rents are 20% below market rates, creating gradual value for the new ownership as leases expire,” said Stepp.
Built in 1955, the asset’s unit mix includes one two-bedroom unit, three one-bedroom units and two studios. The large floorplans include private entrances, hardwood floors, in-unit washer/dryers, stainless steel appliances and lots of natural light. There are also five garages.
The property is just blocks from Whole Foods Market, Trader Joes, coffee shops, world-class restaurants, retail and healthcare providers.