Stepp has completed the $4.05 million sale of The Suites on Lincoln, located at 911 Lincoln Boulevard, just south of stylish Montana Avenue in the desirable North of Wilshire neighborhood of Santa Monica, CA. The 10-unit, two-story property was built in 1958 and was 70 percent occupied.
Principal Kimberly Stepp represented the seller, a Los Angeles-based family trust, and the buyer, a Los Angeles–based private investor. The cap rate was 4.3 percent and the price per square foot was $502.
The 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. Most 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 33 percent potential rental upside, and the property located just seven blocks from the beach, this asset offers the buyer a value-add opportunity for future rent growth with a repositioning component,” said Stepp. “The neighborhood is also sought after for its proximity to the high-end shopping and dining on Santa Monica’s prestigious Montana avenue and proximity to 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 home to outposts of many of most well- recognized companies in the world, including Google, Facebook, Snapchat, Hulu, and Electronic Arts.