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May 31, 2020
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Santa Monica Apartment Sale at $600k/Unit Viewed as a Value-Add Deal


A 14-unit apartment property in Santa Monica sold for $8.5 mil, or $607k/unit. The property, which was 85% occupied at the time of sale, is located at 833 20th St, near the cross street of prestigious Montana Ave, a favorite retail and dining destination.

Built in 1969, the two-story property features a large center courtyard and 14 covered parking spaces. The asset includes six three-bedroom units, six two-bedroom units and two one-bedroom units – all of which offer spacious floorplans, walk-in closets, and private balconies/patios.

The property is just steps south of all the amenities on Montana Avenue and is also near the Santa Monica beaches, as well as shopping, dining and nightlife of Third Street Promenade and Main Street.

Kimberly R. Stepp of Stepp Commercial represented the parties, both Los Angeles-based private investors. The closing cap rate was a low 3.4%, while the sale came in at one of the highest per unit prices in the past 18 months in Santa Monica.

“This value-add asset not only offered the buyer a prime Santa Monica location, it also presented an approximately 42% rental upside and an attractive cost per square foot,” said Stepp. “Additionally, two units were delivered vacant and were fully renovated offering the new ownership an immediate opportunity to secure market rents.”

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