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8/11/16
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Los Angeles-based NMS Properties paid $2.45 mil for a seven-unit apartment property in Santa Monica that was 80% vacant at the time of sale. The property is located at 1446 Yale St, near Broadway Ave.
The seller was a private investor from Los Angeles. The transaction closed at a cap rate of 4.1 percent and the price per unit was $350k.
Built in 1946 and situated on an oversized lot on a quiet tree-lined street, the property consists of six bungalow-style one-bedroom units and one studio unit. It is within walking distance to one of the new Metro Expo Line stations with direct access to downtown Santa Monica.
Kimberly Roberts Stepp with Stepp Commercial represented NMS in the transaction. “The property was nearly vacant at the close of escrow and had a considerable amount of deferred maintenance,” said Stepp. “This opportunity to add value through a renovation and repositioning of the asset was exactly the type of opportunity my client was seeking. The Santa Monica market has an insatiable demand for high-quality apartments from the growing resident base here and rent levels are at all-time highs.”
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