Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the approximately $3.29 million sale of Ocean Park Gardens, a seven-unit apartment property located on the Westside of Los Angeles.
Senior Vice President Mark Ventre of Stepp Commercial represented the buyer, a private investment firm from Orange County, CA. The seller was a Los Angeles-based private investor. The closing cap rate was 3.7 percent and the price per square foot was $590.
Located at 11824 Ocean Park Boulevard, the property includes one three-bedroom house that was built in 1949 as well as a six-unit apartment building built in 1959 that includes four one-bedroom units and two two-bedroom units. The property features spacious floorplans, private balconies and patios, and zen gardens and sitting areas.
“This pride of ownership property offered our buyer the opportunity to immediately add value by renovating the two vacant units and continue to update as vacancies occur,” said Ventre.
Ventre also indicated that this prime location has been experiencing even more demand and subsequently capital investment and new construction with the 2016 expansion of the Expo Line from Downtown Los Angeles to Downtown Santa Monica. He added that there are several major recently built and upcoming institutional assets within a short walk to nearby Pico Boulevard. In addition to the attractive transit options for renters, the property is also convenient to the 10 and 405 freeways.