Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $6.3 million sale of Washington Place, a 15-unit apartment property located at 401 Washington Avenue in Santa Monica, California.
Principal Kimberly R. Stepp of Stepp Commercial represented the parties in the transaction. The seller was a family trust who owned the property for more than 60 years, and the buyer was a California-based investment group. The property closed at a cap rate of 3 percent, a per-unit price of $420,000, and a gross rent multiplier of 21 on current rents.
“This is a rare, pride of ownership, property that is located on a corner lot in one of the most coveted residential locations in Santa Monica,” said Stepp. “This asset commanded pre-pandemic pricing and closed as scheduled.”
Built in 1960, the three-story, corner lot property includes six two-bedroom units and nine one-bedroom units. Situated in a prime north of Wilshire Boulevard location, Washington Place is four blocks to Ocean Avenue and two blocks to prestigious Montana Avenue, and the restaurants and shops just minutes from the world-famous Santa Monica Pier.