11 Unit Investment Property North of Wilshire

07 Nov 11 Unit Investment Property North of Wilshire – Santa Monica – 3.12% CAP

Posted at 06:24h in Listings by Eric von Bluecher

3.12% CAP Rate – 4.5% CAP Rate on Market Rents – 11 Unit Investment Property North of Wilshire

Asking Price: $4,995,000

GRM: 18.98
CAP: 3.12%

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Eric von Bluecher

InvestmentAssociate

BRE#01926201

310.900.9505direct

evonbluecher@concord-re.com

• 5.34% Market CAP with Mills Act / 4.43% Market CAP without Mills Act
• Fantastic north of Wilshire location. Walk to bars and restaurants
• Historic Landmarked Regency Moderne architectural styling
• Potential Mills Act candidate for significant lower tax basis & benefits for new owner
• Bright and tranquil courtyard common area with built-in BBQ and shaded patio
• Timeless, well laid out interior floor plans with hardwood and tile floors
• 3 storage units providing additional income, one storage unit collecting $275/month
• Vacant garage will collect up to $500/month
• New water line from street to building
• All new gas lines running from street to building along with new earthquake shut-off valves
• Some copper pipping throughout the building
• 3 new water heaters in the rear building
• Hardwood floors throughout
• Large 1 Bed / 1 Bath unit has large balcony

PROPERTY DESCRIPTION – 11 Unit Investment Property North of Wilshire

1143-45 11th St, Enjoy beautiful architecture, cash flow and future upside with this ideally located multifamily investment. This stunning Historical Regency Moderne style building is located north of Wilshire in Santa Monica; which has been rated one of the highest rental markets in the nation. Shopping, restaurants, movie theaters, are within walking distance of the property. The property consists of two structures that surround a beautiful bright and tranquil courtyard common area with a built-in BBQ and shaded patio. The unit mix is comprised of (5) 1+1’s and (6) studios. One bedroom and studio units equate to less long term tenants common in Santa Monica rent controlled buildings. The interiors of the units are classic 1920s look and feel with tile and hardwood floors as well as tile counters, for easy and low cost turn-around for new tenants. Added benefit for the new owner would be to apply for the Mills Act to reduce your property tax as well as other incentives to further your return on investment.