1307 17th St, Santa Monica, CA 90404

1307 17th St, Santa Monica, CA 90404

Santa Monica, CA

Property Description

Nico Rosmarin of Lyon Stahl Investment Real Estate is pleased to present 1307 17th Street, a value-add 7-unit multifamily investment property located in prime Santa Monica. 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.

<strong>Investment Highlights:</strong>
• 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 &amp; 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

Property Features

  • Sale Price: $2,835,000
  • Area Size: 4,004 SF
  • Land Area: 11,259 SF
  • Year Built: 1923
  • Listing Date: 04/26/2019
  • Closing Date: 03/03/2020
  • Units: 7
  • Current GRM: 17.79
  • Current Cap Rate: 4.11%
  • Price Per Unit: $471,429
  • Market GRM: 14.82
  • Market Cap Rate: 5.22%

Lyon Stahl Investment Real Estate

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