Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.6 million sale of an eight-unit, value-add apartment property located at 11969 Iowa Avenue in West Los Angeles.
Principal Kimberly R. Stepp and Investment Associate Arian Rejaei of Stepp Commercial represented the seller, a local family trust. Stepp also represented the buyer, a Los Angeles-based private investor. The property closed at a cap rate of 2.8 percent and a per-unit price of $325,000.
“This property provides the buyer with the opportunity to have approximately 100 percent rental upside once the units have been renovated and rents brought to market rate,” said Stepp. “In addition to creating significant future value, the property was attractive based on its prime location and proximity to new development and the Expo/Bundy Expo Line station.”
Built in 1962, the one-story asset includes of mix of three-bedroom, two-bedroom, one-bedroom and studio units. It is well-located in a prime West L.A. location just south of Santa Monica Boulevard and East of Bundy close to the new development of the Martin Expo Town Center, a planned mixed-use project that will include 500 apartments, retail, a grocery store, and a 10-story office tower.
The property’s West Los Angeles location is within Silicon Beach, Los Angeles’ thriving technology, media and entertainment hubs and is just minutes from RiotGames, Red Bull, HBO, Amazon Studios, and the Bundy/Olympic Metro Line.