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$6,500,000 – 12 Unit Apartment in Santa Monica, Ca

Overview

FOR SALE:  12 Unit Apartment (3 Buildings)
$6,500,000
Santa Monica, Ca

Santa Monica Twelve (The Property) is a 12-unit multifamily building in Santa Monica, California. The Property consists of (9) 1bd/1ba and (3) 2bd/1ba units in three single-story buildings, sitting on two separate parcels totaling 28,829 SF.

The building was built in 1940 and constructed with a wood frame, stucco finish and flat roof. With several open parking spaces onsite, the owners currently rent eight garages in the rear as additional income.  The property is currently 92% leased with rents significantly below market allowing a potential buyer huge upside in the investment.

Located in the City of Santa Monica, the property is in the Sunset Park area; which has been rated one of the top rental markets in the nation.  Shopping and restaurants are within walking distance and the area boasts an 81 Walk Score®.

  • 12 Total Units – (9) 1 Bedrooms and (3) 2 Bedroom
  • 8,796 SF Total Building Size
  • 28,829 SF (0.66 Acres) Total Lot Size
  • Built in 1940
  • 19.81 GRM and 3.14% CAP on current rents
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Summary

Offering Price:
$6,500,000

Total Units:
12

Gross Rent Multiplier:
19.81

Cap Rate:
3.14%

Building SF:
8,796 SF

Lot Size:
28,829 SF

Year Built:
1940