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3/02/17
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Nina Property Management recently closed on an apartment buy in Santa Monica, paying nearly $2.85 mil ($475k/unit) for a fully occupied, six-unit property located at 1141 19th St. The transaction closed at a cap rate of just 3.4%.
Built in 1973, the two-story property consists of a mix of two- and three-bedroom townhouse units. The units feature en suite bathrooms, fireplaces, hardwood floors, tiled kitchens and baths, Caesarstone countertops, and private patios and garages.
Kimberly R. Stepp and Aynsley Armbrust with Stepp Commercial represented the seller, The Credit Shelter Trust. Stepp also repped the buyer in the deal. According to Stepp, the property is in a prime north of Wilshire location and offers the buyer an 87% potential upside in rents.
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