Colliers Brokers Santa Barbara Sale at Cap Rate of 4.11%
- Sep 20, 2010
Santa Monica, Calif.– Colliers International directed the sale of Villa Cordova, a 21-unit apartment building located at 1133 10th St. in Santa Monica, Calif., to 10th Street Partners LLC., a private investor. The transaction is valued at $5,775,000.
The property sold for $284 per square foot and closed at a 4.11 percent capitalization rate and a gross rent multiplier of 15.59.
“Villa Cordova is a rent-controlled building with current rents at 20 percent below market. The buyer plans to renovate the property and raise rents to market level, starting with building’s nine vacant units,” said Kitty Wallace, executive vice president in Colliers International’s Downtown Los Angeles office, who represented both the buyer and the seller, Villa Cordova Associates, LLC., a private investor.
Built in 1970, Villa Cordova is a two-story, 21-unit apartment building situated north of Wilshire Boulevard. Property amenities include subterranean parking, landscaped courtyards and walkways, controlled visitor access and a laundry facility.
“The property has only had two owners in its history, which is rare for a building constructed in the 1970s,” Wallace added.