Santa Monica, Calif. – 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 and at a price per square foot of $662.
“This property had three vacant units at the close of escrow providing 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 low cap rates and competitive pricing will continue in 2022.”
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.