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3/01/22
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In a recent Santa Monica multifamily sales comp, a local private investor paid $6.975 mil for a 16-unit ($436k/unit) apartment property located at 1901 6th St. The asset is situated just six blocks from the ocean and is a short walk to the Santa Monica Pier, Third Street Promenade and Main Street restaurants and shops.
Built in 1969, the garden-style property is situated on a large corner lot and features an elevator, laundry room, and a courtyard patio. The unit mix consists of 15 large one-bedroom units and one studio unit. Half of the units were recently renovated to include wood flooring; modern light fixtures; kitchens with shaker cabinets with quartz countertops and dishwashers; and upgraded bathrooms. Some of the units have partial ocean views.
Kimberly Stepp with Stepp Commercial represented the buyer and the seller, a Los Angeles-based private investor. The property closed at a 3.2% cap rate.
“The seller saw this as an ideal point in time to sell this asset and reinvest the equity into one out of state,” noted Stepp. “With interest rates starting to move up and property values at historical highs, many owners are taking advantage of a window of opportunity to capture value in less restrictive states that are experiencing strong job and population growth.”
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