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$3,500,000
Est. payment /mo
16 Beds
16 Baths
8,498 SqFt
UPDATED:
12/05/2024 05:31 AM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 8,498 sqft
Price per Sqft $411
MLS Listing ID 24458595
Bedrooms 16
HOA Y/N No
Year Built 1967
Lot Size 7,492 Sqft
Property Description
12.5 GRM with Maximum Allowable Rents (MARs) in place! Rents and Gross income, listed below, are with MARs. First time on the market! Great value-add opportunity on this 10 unit property. Current rents are 15% below the City of Santa Monica MARs. Raise the rents with proper notice to the tenants (Buyer to confirm with Santa Monica Rent Control). Gross Annual Income using MARs is $280,556 (12.5 X gross). Gross Annual Income using current rents is $237,884. See current Rent Roll and MAR rent roll (see documents tab). There are (6) 2 bedrooms/2 bathrooms and (4) 1 bedroom/1 bathroom apartments.12 car parking. The 2 front 2 bedrooms/2 bathroom units are split level with high ceilings. Good long term upside in rents. Close to restaurants and shopping in sunny Santa Monica! Seller provided a soft-story retrofit proposal (see documents tab) Inside with an accepted offer. Please do not disturb tenants. Please text for the quickest response. Voicemail and email also answered promptly. Thank you for your interest!
Location
State CA
County Los Angeles
Area C14 - Santa Monica
Zoning SMR3*
Interior
Heating Natural Gas
Cooling None
Fireplace No
Laundry Common Area
Exterior
Parking Features Covered, Carport, Door-Multi, Garage
View Y/N Yes
View Park/Greenbelt
Total Parking Spaces 10
Building
Story 2
Entry Level Two
Architectural Style Traditional
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 4282022008
Special Listing Condition Standard
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Listed by David Putnam • Berkshire Hathaway HomeServices California Properties
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Adrian Castillo
Principal/Realtor | CA DRE#01308935
Principal/Realtor CA DRE#01308935