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10/11/17
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A six-unit apartment property in a prime neighborhood next to Clover Park in Santa Monica has sold for $2.5 mil, or $417k/unit. The deal had a closing cap rate of 3.6%.
Built in 1948, the property islocated at 2450 Oak St, on a tree-lined residential street. The two-story property features six bungalow-style one-bedroom units and private garages. It was recently improved with a new roof and plumbing.
Kimberly R. Stepp with Stepp Commercial represented the seller, a Los Angeles-based family trust, as well as the buyer, Landmark Villas West LLC.
“This property sold for full list price and at a strong price per square foot of $700,” said Stepp. “The buyer opted to put 20 percent down and use seller financing, as it was an attractive option. He plans on upgrading and leasing the vacant units to add immediate value.”
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