Santa Monica, Calif.—Marcus & Millichap announced the sale of 2727 6th St., a three-story, 31-unit apartment building located in Santa Monica, Calif. The community was sold for $17.4 million, or $562,100 per unit.
The building was constructed on a one-half-acre lot in 1969. The community consists of 17, one-bedroom and one-bath units and 14, two-bedroom and one-bath units. Common amenities include a swimming pool, laundry facilities, gated parking and a rooftop with ocean views.
Located in Santa Monica’s Ocean Neighborhood at the border with Venice beach, the community apartment is minutes away from a variety of retail, shopping and dining venues on Main Street, Rose Avenue, Ocean Front Walk and Abbot Kinney Boulevard.
“Just six blocks from the beach, the asset is a turn-key property with an excellent unit mix and significant upside,” said Richard Ringer, senior managing director of Investments in Marcus & Millichap’s West Los Angeles office, in prepared remarks. “An approximately $1.7 million meaningful and tasteful renovation program was completed on the building in 2015 and is resonating with new tenants, who are paying rents of approximately $5 per square foot.”
The company also recently closed the $25 million sale of a 352-unit community apartments in Orlando.
Image courtesy of Marcus & Millichap