Stepp has completed the $10.75 million sale of Shoreland Plaza Apartments, a 20-unit apartment property in prime Santa Monica near the cross streets of 2nd Street and Montana Avenue.
Principal Kimberly R. Stepp of Stepp Commercial represented both the seller, a Los Angeles-based family partnership who has owned the property for more than 60 years, and the buyer, a Los Angeles-based private investment group. The closing cap rate was a low 3.2 percent, the price per unit was $537,500 and the price per square foot was $629.
Built in 1952 and located at 814 to 818 2nd Street, the 17,100-square-foot property consists of two side-by-side connected, two-story sister buildings enclosing a beautiful garden-style courtyard. It includes 19 two-bedroom units and one three-bedroom unit. The pride of ownership property features 10 parking spaces, laundry rooms and solar panels for powering common areas.
“Shoreland plaza is a true trophy property in a prime Santa Monica location just one block from ocean avenue and the pacific ocean,” said Stepp. “the asset was delivered with 70 percent occupancy with rents 65 percent below market rates providing the new ownership with a significant upside for both the short and long-term.”
The property is walking distance to Ocean Avenue, the Santa Monica Pier and beaches, Third Street Promenade and the prestigious Montana Avenue.