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Santa Monica, Calif. March 18, 2022 – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $5.5 million sale of a 10-unit apartment property located at 911 Lincoln Boulevard, just south of Montana Avenue in the desirable North of Wilshire neighborhood of Santa Monica, CA.
Principal Kimberly Stepp of Stepp Commercial represented the seller, a Los Angeles-based private investor, and the buyer, a Los Angeles-based private investor. The cap rate was 3.4% and the gross rent multiplier (GRM) was 18.5.
Built in 1958, the two-story property is situated on 8,000 square feet of land and features a unit mix consisting of two two-bedroom units and eight one-bedroom units. Units offer private garage parking and have been updated with stainless steel appliances, quartz countertops and custom cabinetry. All units have spacious floor plans and generous natural light.
“With a 25 percent possible rental upside, the new ownership saw long-term potential for both rent growth and appreciation and strategically added to its local apartment portfolio,” said Stepp. “The neighborhood is in an irreplaceable location as it is highly sought after by residents. It is walking distance to the high-end shopping and dining on Santa Monica’s prestigious Montana Avenue and the beach.”
A world-renowned destination, Santa Monica offers miles of white beaches, expansive ocean views, sophisticated cultural scene, wealth of attractive dining and shopping options, and the laid-back appeal of a classic Southern California beach town. With a young, affluent, educated population, Santa Monica is also an integral part of Silicon Beach, Los Angeles’ thriving technology, media and entertainment hub, and near a dense job base.
