Closed | Bungalow-Style 7-Unit Property in Santa Monica
Nico Rosmarin of Lyon | Stahl Investment Real Estate is pleased to have closed 1307 17th St, a 7-unit multifamily property for sale in Santa Monica!
This 4,004 Sq Ft property on 11,259 Sq Ft of land was sold at $2,950,000
The property has a unique composition of seven (7) one- bedroom/one-bathroom bungalows situated on a large 11,259 SF lot. Two of the units will be delivered vacant at the close of escrow, offering immediate rental upside. The Bungalow style layout in Santa Monica is one in high demand and very difficult to find – this opportunity won’t last long.
1307 17th Street is ideally located within walking distance to many popular retail and dining establishments lining Santa Monica Boulevard. Additionally, the property is situated near both Saint John’s Hospital Center and UCLA Medical Center, two of the largest employers in Santa Monica. The central location gives tenants easy access to a large variety of workplace and entertainment options.
1307 17th Street offers an astute investor the opportunity to acquire a multifamily asset in one of the most desirable neighborhoods of Southern California. By implementing a value-add program to raise rents to market levels, 1307 17th Street is a truly unique and lucrative investment.
• Unit Mix: (7) 1bd+1bth Individual Bungalows
• In Unit Laundry Room
• Sit In Kitchen
• Two units will be delivered VACANT at the close of escrow
• Bungalows are ~575 SF each with their own garden area
• Garden Style Court Yard Layout & Two Community Picnic Areas
• Current CAP Rate 3.68%
• Proforma CAP 4.11% (after updating vacant units)
• Current GRM 19.39
• Proforma GRM 17.79 (after updating vacant units)
• 4 On-site Garages rented to outside parties providing additional monthly income totaling $1,600/m
• Single Surface Parking Space along Alley
• Street and Alley Access
Santa Monica is a beachfront suburb on the Westside of Los Angeles Couty that enjoys an average of 310 days of sunshine a year. It is situated along the Santa Monica Bay and bordered by Pacific Palisades Brentwood, Venice, and the Pacific Ocean with a population of 89,736. The Santa Monica pier was built in 1909 and attracts thousands of tourists a day.
Santa Monica real estate values have gone up 2% over the past 2 years and the median price of multifamily properties closed in Santa Monica is $2,375,500.
Third Street Promenade is a major outdoor pedestrian-only shopping district that stretches for three blocks in the Downtown District and includes Santa Monica Place, Bloomingdale’s, Nordstrom, Nike, and many other stores, restaurants, and a movie theater. Other shopping districts in Santa Monica are Montana Avenue to the north and Main Street to the south.
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