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MULTIFAMILY NEWS
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Santa Monica Apartment Building from 1912 Sells for $568k/Unit

4/28/22

Sandy Bay Beach Suites, an 11-unit apartment property in Santa Monica, was acquired by an L.A.-based private investor in a recent $6.25 mil ($568k/unit) transaction. The property is located at 1401 Palisades Beach Rd, just steps from the sands of Santa Monica beach.

The property was built in 1912 and features a large beach-front patio with a jacuzzi and fully functioning kitchen including a Viking grill and other stainless-steel appliances. The unit mix includes one four-bedroom unit, five one-bedroom units and five studios. All units have been renovated and include hardwood floors, skylights and other upgrades. The property also offers 22 permitted parking spaces.

At the epicenter of Silicon Beach, Santa Monica is home to world-class technology, media and entertainment companies such as Google, Facebook, Hulu, Electronic Arts, among many others, providing a renter pool of high-income professional renters.

Kimberly Stepp with Stepp Commercial represented the buyer and the seller in the deal. The cap rate was 4.7%, the gross rent multiplier (GRM) was 14.6, and the price per unit was just over $568,000.

“With its irreplaceable beachfront location, Sandy Bay Beach Suites offers the new ownership a rare opportunity to own a turnkey asset with vintage charm, modern upgrades, ample natural light and breathtaking ocean views,” said Stepp.






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