Sold – Development or Value-Add Investment Property in Santa Monica | $2,445,000

Sold – Development or Value-Add Investment Property in Santa Monica | $2,445,000

Nico Rosmarin of Lyon | Stahl Investment Real Estate is pleased to have closed 1111 18th St, a development or value-add property in Santa Monica!

This 4-unit property sold for $2,445,000

The property is located north of Wilshire Boulevard, on a quiet, tree-lined street. The location is ideally situated within walking distance to numerous high-end retail shops and restaurants.

1111 18th Street is a 3,977 SF 4-unit building on an 8,009 SF lot. The building is comprised of two (2) three-bedroom/two-bathroom units and two (2) one-bedroom/one-bathroom units. Currently, three of the four units are vacant which opens an immediate opportunity to update the units and rent them at market rates.

The lot is zoned SMR2 allowing the potential to build four (4) new units/condos by-right, to maximize the potential of the lot.

1111 18th Street presents an exciting opportunity to redevelop a new multifamily building in a prime neighborhood of Northern Santa Monica.

Property Highlights:

  • Three of the four units currently VACANT
  • Situated on a 8,009 SF oversized lot
  • Zoned SMR2 – Opportunity to build 4-5 new condos
  • Unit mix (2) 3bd + 2 bth; (2) 1bd + 1 bth
  • 5 onsite garage spaces
  • Prime Santa Monica location north of Wilshire
  • Highly motivated seller

County Overview:  

The most heavily populated county in the country is Los Angeles County with approximately 9.9 million people, including about 1 million that live in unincorporated areas of the county. Los Angeles County is home to one of the most educated labor pools in the country and offers a labor force of more than 4.7 million, of which more than 1.5 million are college graduates.  According to the United States Conference of Mayors, Los Angeles County boasts a GDP among the twenty largest in the world. Los Angeles County’s continued economic growth, in contrast to other areas of the state and nation, is due to its diversified economy and abundant, well-trained workforce.

Los Angeles County is well located on the Southern Coast of California, and covers 4,061 square miles, including the San Clemente and Santa Catalina islands. The County is comprised of approximately 88 vibrant and diverse cities hosting more than 244,000 business establishments— the greatest concentration in the state. Los Angeles County has a Gross Domestic Product (GDP) of approximately $446 billion – placing it among the top 20 economies in the world. The combined GDP of Los Angeles and its five surrounding neighboring counties places it in the top 10. California is generally considered to be in the top five.

Over the years, Los Angeles County has developed a diverse economic base, supported by a number of Fortune 500 companies with headquarters in the area, including Hilton Hotels, Walt Disney, Occidental Petroleum, DirecTV Group, Northrop Grumman, and many more. Key factors positively impacting the region’s economic position include increased local media production by the entertainment industry and a continuing expansion of import flows. Los Angeles’ well-educated labor pool, many universities, wonderful climate, and world-class infrastructure will enable Greater Los Angeles to continue to be a world leader in economic and cultural significance.

 

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