LOS ANGELES, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the approximately $3.83 million sale of Bagley Avenue Apartments, a fully occupied, 10-unit apartment property in Los Angeles near downtown Culver City.
Kimberly R. Stepp, principal with Stepp Commercial, represented the seller, Los Angeles-based 3200 Bagley Avenue, LLC. The buyer was a Los Angeles-based private investor. The cap rate was 4.2 percent.
“This asset is in a prime location near downtown Culver City and offered the buyer a turnkey opportunity to own an upgraded property with a 20 percent upside in rents,” said Stepp. “Because of these property fundamentals, Stepp Commercial secured a very high price per unit for the area of nearly 383,000 and $440 per square foot.”
Built in 1966 and located at 3200 Bagley Avenue, the two-story property includes four two-bedroom units and six one-bedroom units. It features spacious floorplans, hardwood floors, stainless steel appliances, granite countertops and private balconies and patios.
About Stepp Commercial: Stepp Commercial is a brokerage firm specializing in the multifamily sector. Stepp Commercial’s mission is to provide apartment owners with a fully integrated sales platform that includes comprehensive market knowledge and local real estate expertise to successfully complete any type of multifamily transaction. For more information visit steppcommercial.com
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