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News, Real Estate, Santa Monica

22-Unit Multifamily Property In Santa Monica Sold At Cap Rate Of 3.1 Percent

Posted Nov. 10, 2013, 9:51 am

Mirror Staff

Charles Dunn Company has completed the sale of a fully occupied, 22-unit multifamily property located at 316 San Vicente Boulevard in Santa Monica.

The property was sold at a cap rate of 3.1 percent, which is the lowest cap rate for a multifamily property sold in 2013 in Santa Monica, according to Costar records.

Kimberly Roberts Stepp, senior managing director with Charles Dunn Company, represented the seller, Herzog Family Trust, as well as the buyer, 316 San Vicente, LLC.

Built in 1955, the property includes subterranean parking and a pool as well as hardwood floors and dishwashers in all the units. It is also just three blocks from the ocean and situated on prestigious San Vicente Blvd.

“This property garnered multiple offers over its short listing period,” said Stepp. “The location and building quality offered the buyer a strong, long-term investment as well as the opportunity for appreciation in the coming years.”

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Nov. 10, 2013, 1:55:42 pm

Eric said...

Ridiculous price. Congratulations to the Herzog Family Trust. Ian Herzog, if you are involved you are one smart man. The buyer will never see positive cash flow in his/her lifetime. Maybe in 30 years. Great investment, great location except that it sits on liquified soil. Horrible investment at that price.

Nov. 10, 2013, 6:02:15 pm

Kim said...

The Chinese funded by Chinese banks are buying anything and everything in Santa Monica at ridiculous high prices. What do you suppose they're planning to do?

Nov. 11, 2013, 4:57:34 pm

Tom said...

Okay, for those of us who are not real estate wonks, what is a 3.1% cap rate? What is that in dollars?

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