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8/30/17
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By Allen Wolfsheimer
Arcadia Terrace Apartments, a fully vacant, eight-unit oceanfront apartment building in Santa Monica (some records show it as nine units), has sold for $4.25 mil ($531k/unit). The property, located on a 3.3k sf lot at 35 Arcadia Terrace, is on the south side of Ocean Ave, within a few blocks from the Santa Monica Pier, Third Street Promenade and other desirable Santa Monica beach attractions.
Built in 1912, the 3.8k sf property consists entirely of small (under 500 sf) one-bedroom/one-bath units. Some units feature ocean views.
The property was most recently used for furnished short-term rentals. We’re told that the seller had intentionally kept the units off the market for normal rental housing stock. This may not have made housing advocates happy, but it did enable the seller to transfer the asset fully vacant and to command top dollar – around $500k/unit for one-bedroom units -- in the sale.
The buyer, LA-based Purple Investments LP, plans to undertake significant renovations to the property in order to maximize rents, which, it’s reasonable to assume, will be quite substantial for now market-rate units in such a highly sought-after Santa Monica beach location. Kimberly R. Stepp with Stepp Commercial represented both the buyer and the seller, Los Angeles-based Arcadia LLC, in the transaction.
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