07 Jan For Sale: Well Maintained with Upside in Santa Monica – 11 Unit Investment Opportunity
Eric von Bluecher
Director | KW Commercial
Multifamily Real Estate Investments
11-unit multifamily investment opportunity on 10th Street in Santa Monica, located in the rapidly growing and evolving zip code of 90401. Eight of the units have been tastefully updated with high end appointments. All units have welcoming and efficient floor plans. The asset is a short walk or bike to everything Santa Monica has to offer. Pride of ownership, well maintained and features 34% upside in rental income.
11 UNIT PRIDE OF OWNERSHIP ON TENTH STREET WITH UPSIDE
- Value add investment ideally located in a premium rental neighborhood between Santa Monica Blvd. and Wilshire Blvd.
- One updated 1+1 vacant providing opportunity for new owner to add immediate value releasing at market rent
- WalkScore®: 90 “Walker’s Paradise”, 93 ”Biker’s Paradise” and 76 “Excellent Transit” adding value and demand to rental value
- With eight out of the eleven units updated in the past few years, the new owner will have a perfect combination of a partially stabilized asset with the opportunity add an additional 34% +/- in rental income
- Approximately 8 parking spots including 2 garages, 4 parking spots could be added as tandem for a total of 12 parking spots
- Landlord owned washer and dryer on-site for additional income
- Individually metered for gas and electric
- Property is not included on the Santa Monica Seismic Retrofit Inventory
- Eight units tastefully updated with well-appointed and efficient floor plans on all units