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9/18/20
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A CA-based investment group paid $6.3 mil for Washington Place, a 15-unit ($420k/unit) apartment property located at 401 Washington Ave in Santa Monica. The deal closed at a cap rate of 3% and a gross rent multiplier of 21 on current rents.
Built in 1960, the three-story, corner lot property includes six two-bedroom units and nine one-bedroom units. Situated in a prime north of Wilshire Blvd location, Washington Place is four blocks to Ocean Ave and two blocks to prestigious Montana Ave, and the restaurants and shops just minutes from the world-famous Santa Monica Pier.
Kimberly R. Stepp of Stepp Commercial represented the buyer and the seller, a family trust who owned the property for more than 60 years.
“This is a rare, pride of ownership, property that is located on a corner lot in one of the most coveted residential locations in Santa Monica,” said Stepp. “This asset commanded pre-pandemic pricing and closed as scheduled.”
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