– Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2 million sale of a five-unit apartment property situated just one block from Venice Beach and the Boardwalk in Venice, CA.

Principal Kimberly Stepp of Stepp Commercial represented the seller, a Los Angeles-based private investor, and the buyer, a local private investor. The cap rate was 2.34 percent and the price per square foot was $694.

Built in 1902, the property is located at 49 Thornton Avenue. The two-story property includes one two-bedroom unit and four one-bedroom units featuring hardwood floors and laundry hookups. The property also offers eight unassigned parking spaces.

“Apartment property inventory in the heart of Venice Beach is extremely low, therefore this asset had a considerable amount of investor interest,” said Stepp. “Additionally, it presents the new ownership with an incredible repositioning opportunity to renovate with a 134 percent upside in potential rents.”

Over the past several years, Venice has transformed into the heart of Silicon Beach – Los Angeles’ thriving technology, entertainment, and media hub. Covering approximately a four-mile stretch along the L.A. Coast including Santa Monica, Venice, Marina del Rey and Playa Vista, Silicon Beach is home to many of the most well-recognized companies in the world, such as Google, Facebook, Snapchat, Hulu, Electronic Arts and Oracle, among many others.