Los Angeles – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $3.05 million sale of a nine-unit apartment property located at 11285 Charnock Road in Los Angeles. The asset is within the Mar Vista neighborhood near the major cross street of Sawtelle Blvd. between Venice and Palms Blvd.
Stepp Commercial’s Senior Vice President Mark Ventre and Executive Vice President Darin Beebower represented the Los Angeles-based seller, a private family trust, as well as the buyer, a Los Angeles-based private family trust. The closing cap rate was 4.03 percent and the price per unit was approximately $339,000.
Built in 1977, the two-story property includes a mix of one- and two-bedroom units as well as a studio unit, and is highly visible from the hard corner of Sawtelle Blvd.
“The seller had owned this asset for nearly 20 years,” said Ventre. “We worked with the seller to trade into an El Pollo Loco property in Thousand Oaks, as their goal was to exchange into a single-tenant retail property in order to enjoy steady cash flow without the heavy lifting of managing and maintaining an apartment building.”
“This highly visible building was attractive to the buyer as it is well located in Mar Vista, a burgeoning Westside community ideally located adjacent to Silicon Beach, Playa Vista, Culver City and West LA, noted Beebower. “The asset offers the buyer an opportunity to make cosmetic upgrades and improve the cash flow over time.”