An 11-unit apartment complex located at 917 6th St. in Santa Monica has sold for $5.5 million. The property, which went for $500,000 per unit, is situated just north of Wilshire Boulevard in one of the most desirable rental areas of Santa Monica. It is just two blocks from the shopping and dining amenities along Montana Avenue.
Stepp Commercial’s Kimberly Stepp represented the seller, a Los Angeles-based private investor, and the buyer, a Los Angeles–based investment group.
“This very well-maintained property had been owned by the seller for more than 60 years and provides the buyer with a substantial rental upside potential of approximately 54%,” Stepp said in a statement. “After just one week of being on the market, it sold for full asking price.”
The property, which was built in 1961, includes four two-bedroom units and seven one-bedroom units. Five of the units were recently renovated. The property also includes laundry facilities, a security gate and 12 parking spaces. The complex is close to the beach, 3rd Street Promenade and employment opportunities with a plethora of media and technology companies located within a three-mile radius.
Santa Monica has seen some big multifamily sales in recent months. A luxury apartment complex sold for $330 million earlier this year. That’s $2.75 million per unit — a record amount on a per-unit basis for a larger rental property in the city. Santa Monica-based Douglas Emmett Inc. purchased the 120-unit property at 1221 Ocean Ave. from Newport Beach-based Irvine Co.
Last year a 38-unit multifamily property at 301 Ocean Ave. sold for $70 million, or $1.84 million per unit. A private investor purchased the building from Marquis Property Co.