Stepp Commercial, a multifamily brokerage firm in the Santa Monica market, has completed the $2.95 million sale of fully occupied, six-unit apartment property located at 2820 3rd Street in Santa Monica. The property is situated just one block from the trendy Main Street restaurants and shops, and is near the Third Street Promenade and the world famous Santa Monica Pier.
Kimberly Roberts Stepp, principal with Stepp Commercial, represented the seller, Los Angeles-based 2820 3rd Street, LLC. The buyer is a Los Angeles-based private investor. The closing cap rate was 3.2 percent. Additionally, the per-unit price was a strong $492,000 and the price-per-square-foot was extremely high at $636.
Built in 1962, the two-story property consists entirely of two-bedroom/two-bathroom units with the second-story units offering ocean views. The property recently underwent a total renovation to include new hardwood floors, granite countertops, and other designer-quality fixtures and finishes.
"This asset is truly an investor's dream as it offered a prime location in Los Angeles' hottest rental market near Silicon Beach, the ocean, and an abundance of lifestyle amenities within walking distance," said Roberts Stepp. "It also offered the buyer an opportunity to add significant value as some rents were well below market rates. We received multiple offers and chose the buyer with the best terms."
For more information visit SteppCommercial.com.
