Stepp Completes Sale of Beachfront Apartment in Santa Monica

Stepp Commercial has announced the $6.25 million sale of the 11-unit Sandy Bay Beach Suites, a trophy apartment property on the beach in Santa Monica, CA. Principal Kimberly Stepp represented the buyer and seller in the deal, both LA-based private investors. The property sold for a square foot price of $1,308 and a per unit value of $568,000. 

Built in 1912, Sandy Bay Beach Suites feature a beach-front patio with a jacuzzi and fully functioning kitchen. All units have been renovated and include hardwood floors, skylights and other upgrades, along with 22 permitted parking spaces.  

In a news release, Stepp commented, “With its irreplaceable beachfront location, Sandy Bay Beach Suites offers the new ownership a rare opportunity to own a turnkey asset with vintage charm, modern upgrades, ample natural light and breathtaking ocean views.”