{"id":14715,"date":"2019-11-18T11:19:31","date_gmt":"2019-11-18T19:19:31","guid":{"rendered":"https:\/\/mhpmag.com\/?p=14715"},"modified":"2019-11-18T16:10:30","modified_gmt":"2019-11-19T00:10:30","slug":"stepp-commercial-completes-1-7-million-sale-of-oak-street-bungalows-in-santa-monica-ca","status":"publish","type":"post","link":"https:\/\/yieldpro.com\/2019\/11\/stepp-commercial-completes-1-7-million-sale-of-oak-street-bungalows-in-santa-monica-ca\/","title":{"rendered":"Stepp Commercial completes $1.7 million sale of Oak Street Bungalows in Santa Monica, CA"},"content":{"rendered":"<p><a href=\"http:\/\/steppcommercial.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Stepp Commercial<\/a>, 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.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>\u201cThe new ownership is planning on renovating and creating additional value as the rents have a potential 48 percent upside,\u201d said Stepp.<\/p>\n<p>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.\u00a0 With a median home price of $1.8 million in Santa Monica, rental demand remains strong.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":14716,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[606,605,432],"tags":[437,609,473,608,24580],"class_list":["post-14715","post","type-post","status-publish","format-standard","hentry","category-deal-boom","category-news","category-pacific-region","tag-california","tag-deal-boom","tag-los-angeles","tag-news","tag-stepp-commercial"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v24.8.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Stepp Commercial completes $1.7 million sale of Oak Street Bungalows in Santa Monica, CA | Yield PRO<\/title>\n<meta name=\"description\" content=\"Stepp Commercial completed the $1.7 million sale of Oak Street Bungalows, a five-unit apartment 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