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11/09/15
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Los Angeles-based Zian LLC paid $2.2 mil for a fully occupied, six-unit apartment property in Santa Monica, The asset, located at 1830 12th St, near Michigan Ave, traded at a 3.6 percent cap rate and a price per unit of nearly $367k.
Built in 1959, the two-story property consists entirely of two-bedroom units. It is well located near Santa Monica College, Main Street Shops, the Santa Monica Pier and the new Light Rail Metro line.
Kimberly Roberts Stepp, principal with Stepp Commercial, represented the seller in the deal. According to Roberts Stepp, the property presented a value-add opportunity with a 40 percent upside in rents. That upside, along with the asset’s location, garnered a strong amount of interest with a total of six offers.
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