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12/22/17
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An LA-based private investor has acquired a fully vacant, 12-unit apartment property in Santa Monica for $4.5 mil ($375k/unit). The property, 34th Street Village Apartments, is located at located at 2441 34th St, within the city’s Sunset Park district.
Originally built in 1950, this single building, two-story property consists of four two-bedroom units and eight one-bedroom units. It is located on a quiet, tree-lined street, approximately one mile from the beach.
The property is within walking distance to office properties and job centers surrounding Santa Monica Airport, the eclectic mix of restaurants on Ocean Park Boulevard, and offers near immediate access to the 10 Freeway. Sunset Park is a pedestrian friendly urban neighborhood with distinct beach city charm.
Kimberly Stepp of Stepp Commercial represented the buyer, 2441 34th Street 2 LLC and the seller in the deal.
“The 34th Street Village Apartments offered a unique opportunity for our client, as it has been completely vacant since 2015 and subject to rent control restrictions of the Ellis Act. By 2020, the new ownership will be able to achieve market rents outside of former rent control rates, making this an extremely attractive long-term investment opportunity with significant future upside. In the meantime a non-profit organization intends to occupy the space.”
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