Santa Monica, Calif. December xx, 2021 – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $3.315 million off-market sale of a six-unit apartment property located at 919 18th Street in Santa Monica, CA. The price per unit of $552,500 is top tier pricing for the City of Santa Monica.
Stepp Commercial Principal Kimberly R. Stepp represented the seller, a Santa Barbara-based owner. The buyer was a Los Angeles-based private investor. The property closed at a 3.5 percent cap rate.
“This property had three vacant units at the close of escrow proving the new ownership with the opportunity to lease them at market rates adding immediate value,” said Stepp. “With a tight inventory and demand from investors who have capital waiting to deploy, well-located assets such as this one garnered a very high price per unit. We believe going into 2022, low cap rates and competitive pricing will continue.”
Built in 1956, the two-story garden-style property includes four one-bedroom units and two two-bedroom units. It is well-located just a block from Montana Street that offers a myriad of retail and dining amenities all within a short block.
