Description
Huge 250k Price Reduction! 12 Unit building with 9 fully renovated vacancies in Prime Santa Monica cash flowing at an incredible Current Cap Rate of 5% and 14.3 GRM from day 1! Priced at only 445k/door for renovated units with an amazing upside to 6.1% Cap Rate and 12.1 GRM on the proforma. Delivered with 9 fully renovated vacancies with permits including 7 vacant units plus 2 vacant brand-new attached ADUs. The vacancies have been completely renovated with permits and boast a high-end aesthetic with new modern cabinets, flooring, recessed lighting, new bathrooms, stainless steel appliances, washer/dryer inside, as well as major exterior capital improvements. Notably, there are Preliminary Plans for 2 additional detached ADUs over the open parking lot in the back that offer exceptional future upside potential. The property is located in the heart of Santa Monica just minutes away from the Beach and within close proximity to Santa Monica Business Park as well as hip neighborhood attractions, restaurants, bars, and shops such as Layla Bagels, Local Kitchen & Wine Bar, Estate Coffee, and many more popping up all around the area.
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9BEDS
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0.14ACRES
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0BATHS
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01/2 BATHS
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5,948SQFT
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$899$/SQFT
School Ratings & Info
Description
Huge 250k Price Reduction! 12 Unit building with 9 fully renovated vacancies in Prime Santa Monica cash flowing at an incredible Current Cap Rate of 5% and 14.3 GRM from day 1! Priced at only 445k/door for renovated units with an amazing upside to 6.1% Cap Rate and 12.1 GRM on the proforma. Delivered with 9 fully renovated vacancies with permits including 7 vacant units plus 2 vacant brand-new attached ADUs. The vacancies have been completely renovated with permits and boast a high-end aesthetic with new modern cabinets, flooring, recessed lighting, new bathrooms, stainless steel appliances, washer/dryer inside, as well as major exterior capital improvements. Notably, there are Preliminary Plans for 2 additional detached ADUs over the open parking lot in the back that offer exceptional future upside potential. The property is located in the heart of Santa Monica just minutes away from the Beach and within close proximity to Santa Monica Business Park as well as hip neighborhood attractions, restaurants, bars, and shops such as Layla Bagels, Local Kitchen & Wine Bar, Estate Coffee, and many more popping up all around the area.
Based on information from California Regional Multiple Listing Service, Inc. as of 2023-09-27T07:37:36.257. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Zia Group | eXp Realty. Licensed in the State of California, USA.