First time property has been sold in 45 years/features 87% potential rental upside
Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.65 million sale of a 6-unit townhome-style apartment property located at 1814 9th Street in Santa Monica, CA. The property, which sold at a cap rate of 2.6% and a GRM of 20.6, provides the new ownership with a rental upside of approximately 87%.
Kimberly Stepp, a Principal with Stepp Commercial represented the seller, a Los Angeles-based private investor. The buyer was a Los Angeles-based private investor.
Built in 1963, 1814 9th Street consists of spacious townhouse-style units with large private patios and balconies. There is one three-bedroom unit and five two-bedroom units. The property includes a laundry facility and five garages.
“This well-maintained property is in a prime Santa Monica location close to the beach, the Santa Monica Pier and Third Street Promenade,” said Stepp. “This is the first time the asset has been on the market in 45 years and provides the new ownership with a significant value-add opportunity with rents 87% below market.”