The subject property is a six-unit residential income asset located at 1937 17th Street in central Santa Monica. Built in 1948 and zoned SMR2, the asset consists of (1) 3-Bedroom / 1.5-Bath unit and (5) 2-Bedroom / 1-Bath units, including a detached 2 Bedroom / 1-Bath home located towards the… Read More rear of the property, totaling 4,840 rentable square feet on a 7,746 SF lot. The property will be delivered with three vacant units at the close of escrow. Currently two units are vacant with a third unit becoming vacant at the end of August. Recent upgrades include a new roof and updated electrical systems. Tenant parking is on-site with 8 uncovered individual spaces and a 2 car garage located at the front of the property. The property delivers strong in-place cash flow at a 5.00% cap rate, with meaningful embedded upside as rents are brought to market. Potential ADU can be built as a garage conversion, buyer to verify. Positioned in Prime Santa Monica, the property sits within one block of Santa Monica College, and a short commute to Whole Foods, the Pico corridor retail, and the Bergamot Expo Line station, giving tenants a direct rail link to Downtown Santa Monica, Century City, and Downtown Los Angeles. The Santa Monica beach and pier are minutes to the west. Santa Monica remains a supply-constrained, high-demand rental market with deep renter demand from the Silicon Beach tech corridor and the long-term durability that defines Westside multifamily. Read Less
Courtesy of Lyon Stahl Investment Real Estate, Inc. 310-425-9838
Listing Snapshot
Days Online
82
Last Updated
Property Type
Other
Beds
13
Square Ft.
4,840
Lot Size
0.18 Acres
Year Built
1948
MLS Number
26862705
Additional Details
Appliances & Equipment
Range, Range Hood, Oven-Gas, Refrigerator, Range/Oven, Garbage Disposal, Dishwasher
Building
4,840 sq ft, Built in 1948, Levels: Multi Levels, Attached, Mid-Century
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