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4/18/16
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A 10-unit apartment property in Santa Monica sold for $4.2 mil, or $420k/unit. The property, located at 1846 10th St, north of Pico Blvd and east of Lincoln Blvd. The transaction closed at cap rate of 3.6 percent.
Built in 1958, the two-story building consists entirely of two-bedroom/one-bath units. The seller recently renovated the entire property and upgraded the units with individual washers and dryers, custom retro style finishes and new electrical panels throughout.
Kimberly Roberts Stepp, principal with Stepp Commercial, represented both parties in the deal. The seller was Los Angeles-based Idaho Land Management LLC, and the buyers were private individuals from Los Angeles.
“This property is within a prime location near Third Street Promenade and the Santa Monica Pier, and it offered ample on-site and street parking options which are rare for the area,” said Roberts Stepp. “The demand for apartment properties like this one is very high from investors as this market continues to thrive. There were several offers on this asset which sold for full asking price.”
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