West Hollywood, Calif. January 7, 2022 – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.9 million sale of an eight-unit apartment property located at 1041 North Stanley Avenue in West Hollywood, CA.
Stepp Commercial Principal Kimberly R. Stepp and Len Kay represented the seller, Sofer Trust. The buyer was a Los Angeles-based private investor. The property closed at a 3.5 percent cap rate.
Built in 1957, the two-story property includes five two-bedroom/two-bathroom units and three one-bedroom/one-bathroom unit and eight parking spaces.
“This asset provided the new ownership with a rare value-add property in West Hollywood, one of the most desirable submarkets of Los Angeles,” said Stepp. “The units are ripe for luxury renovations and once updated, can provide more than 60% upside potential in rents.”
1041 North Stanley Avenue is located a half a block south of Santa Monica Boulevard and five blocks east of Fairfax. It is within walking distance to some of the area’s hottest restaurants, shopping and nightlife. West Hollywood includes a vast culinary landscape, the Sunset Strip’s notorious nightlife, designer flagships lining the Design District, celebrity hot spots, global annual events, premier spas, fitness centers and entertainment.