Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $1.7 million sale of Oak Street Bungalows, a five-unit apartment property located at 2444 Oak Street in Santa Monica, CA. The property is near the beach and the world-famous Santa Monica Pier.
Principal Kimberly Stepp of Stepp Commercial represented the seller, a Los Angeles-based private investor, and the buyer, Gortkov Enterprises. The price per square foot was $588.
Built in 1937, the property is situated on a large corner lot and includes three bungalow-style units, a one-bedroom loft unit, and a studio apartment all of which feature hardwood floors, private dual entrances, patios, and private outdoor space.
“The new ownership is planning on renovating and creating additional value as the rents have a potential 48 percent upside,” said Stepp.
Santa Monica continues to be one of the hottest residential markets within the greater Los Angeles region as it provides residents a coastal lifestyle with a myriad of nearby retail, dining, and entertainment amenities. It also offers public transit options as well as nearby employment within the thriving Silicon Beach tech, media and entertainment hubs. With a median home price of $1.8 million in Santa Monica, rental demand remains strong.