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8/11/15
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A fully occupied, six-unit apartment property in Santa Monica traded hands at a price of $2.5 mil, or $417k per unit.
The property is located at 1820 12th St, a few blocks east of Lincoln Blvd on the south side of the I-10. Built in 1973, the property consists of one three-bedroom unit and five two-bedroom units.
Kimberly Roberts Stepp, principal with Stepp Commercial, represented the seller, a Los Angeles-based private investor. The buyer, Los Angeles-based 126 Company, was represented by MYI Inc. The closing cap rate was an extremely low 3 percent and a per-unit price of $417,000.
“This property presented the buyer with an opportunity to reposition and add value to the asset, which is situated on a quiet, tree-lined street that is undergoing a favorable amount of revitalization,” said Stepp. “There are new condo developments that recently completed across the street and next door to this asset. This bodes well for property appreciation, as more capital flows into this well-located neighborhood.”
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