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December 15, 2018
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Santa Monica Apartment Property Sells for $392k per Unit


In a recent multifamily sales comp from Santa Monica, The Bungalows on Ocean Park, a fully occupied six-unit apartment property, sold for $2.35 mil, or $392k per unit. The property is located at 1007 Ocean Park Blvd, south of I-10 and a block east of Lincoln Blvd.

Built in 1962, the two-story property consists of two two-bedroom units and four one-bedroom units. The property features six private garages, a gated entry and private gated patios. It is within walking distance to Main Street and is close to Dorothy Green Park which provides direct access to the beach.

Kimberly Stepp with Stepp Commercial represented the seller, a private trust from Los Angeles, as well as the buyer, Rex Enterprises LLC. The transaction closed at a low cap rate of just 3%.

“This property is in excellent condition within the prime Sunset Park neighborhood of Santa Monica,” said Stepp. “We were able to identify an exchange buyer who offered full asking price for the property, and we closed escrow within 30 days.”

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