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2/17/22
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A six-unit bungalow-style apartment property in Santa Monica was purchased for $2.325 mil ($387.5k/unit). The property, located at 1318 19th St, was acquired by Princess Apartments GP.
Built in 1955, the asset’s unit mix includes one two-bedroom unit, three one-bedroom units and two studios. The large floorplans include private entrances, hardwood floors, in-unit washer/dryers, stainless steel appliances and lots of natural light. There are also five garages.
The property is just blocks from Whole Foods Market, Trader Joes, coffee shops, world-class restaurants, retail and healthcare providers.
Kimberly R. Stepp and Arian Rejaei with Stepp Commercial represented the seller, a Los Angeles-based private investor. The property closed at a 2.21% cap rate and at a price per square foot of $586.
“Located in a prime area of Santa Monica, this property was sold with a vacant two-bedroom unit, providing immediate upside. Additionally, current rents are 20% below market rates, creating gradual value for the new ownership as leases expire,” said Stepp.
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