07 Jan For sale: 1326 Yale Street Santa Monica, CA 90404
Six unit value add investment opportunity close to everything Santa Monica has to offer with an 89 WalkScore. With 110% upside and large units, this investment is ideal for an owner user or re-tenant & renovate strategy.
Eric von Bluecher
Multifamily Real Estate Investments
Director | KW Commercial
SANTA MONICA 6 UNIT INVESTMENT – PERFECT OPPORTUNITY FOR OWNER USER
- Value add investment ideally located in a premium rental neighborhood between Santa Monica Blvd. and Wilshire Blvd.
- Ideal for Owner User with a large front unit, 4 bedroom and 2 bath, with fireplace and rooftop deck
- Walk Score ® for this location: 89 “Very Walkable”, 82 ”Very Bikeable” and 66 “Good Transit” further adding value to potential rental income
- High income potential unit mix of (1) 4 bed + 2 bath two-story unit with roof deck, (3) 2 bed + 1.5 bath and (2)1 bed +1 bath
- Approximately 8 parking spots including one garage, potential for tandem spots and 5 storage rooms
- Washer and dryer on-site for additional income
- Approximate 110% upside in rental income
- Individually metered for gas and electric
- Property is not included in the Santa Monica Seismic Retrofit Inventory (buyer to confirm)
This 6 unit investment opportunity comes with a current gross income of just over $133,000 with a potential market income of over $278,000 once units have been repositioned and collecting market rate rents. The 110% rental upside of this investment opportunity is mostly due to it’s fantastic unit mix of one four bedroom owners unit, three two bedroom, two bath units and two, one bed, one bath units that are all significantly below market rents and each with significant square footage. The building is significantly under rented with plenty of opportunity for renovations and management improvements to add value to this unique investment opportunity in Santa Monica. The property has an 89 WalkScore ® giving tenants the ability to walk to errands, coffee, shops and restaurants which benefits the investor greatly in rental income for tenants looking to pay a premium for walkable apartments. In addition, this property is located less than a mile from the 26th Street / Bergamot Station Expo Line with easy transit to the beach/Promenade and downtown Los Angeles. There are approximately 6 parking spaces located in the rear of the building along with one garage and two additional surface parking in the front of the building. Five storage units are featured throughout the building, on-site washer/dryer, and individual meters for gas and electric. This property is under Santa Monica rent control currently suppressing the current value with tremendous upside potential to be unlocked for the savvy investor. Property is deal for owner user. This investment opportunity is not in the Santa Monica Seismic Retrofit Inventory. Buyer to confirm all details.