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SOUTHERN CALIFORNIA NEWS
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Santa Monica Apartment Building Sells for $450k/Unit

8/18/16

A fully occupied, six-unit apartment property in Santa Monica sold for $2.7 mil, or $450k/unit. The property is located in the prime, north of Wilshire area, just one block south of Montana Ave, at 919 20th St.

Built in 1950 and situated on an over-sized lot in excess of 8k sf, the bungalow-style property consists of three two-bedroom units and three one-bedroom units. The new ownership plans on making additional unit upgrades in order to bring rents up to market rates upon future vacancies.

Kimberly Roberts Stepp with Stepp Commercial represented the seller, Los Angeles-based Devlaur LLC, as well as the buyers, San Diego-based private investors. The transaction closed at a cap rate of 3.4 percent.





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