Huge 550k Price Reduction! 12 Unit building with 10 fully renovated units in Prime Santa Monica cash flowing at an incredible Current Cap Rate of 5.7% and 12.9 GRM from day 1! Priced at only 425k/door for renovated units with an amazing upside to 6.6% Cap Rate and 11.4 GRM on the proforma. Delivered with 10 fully renovated units with permits including 8 remodeled units plus 2 brand-new attached ADUs. These units have been completely renovated with permits (3 vacant) 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.
Additional Features
- Wall Furnace
- Two
- Parking spaces: 9.00
- Listing Status: Active
- Listing Agent: Armin Soleimani
(lic# 01846872)
of Beverly Hills/Greater LA
- Listing Office: Global Platinum Properties, Inc.
(lic# 02062910)
- CO-Listing Agent: Julio Ruiz
(lic# 01911261)
of Beverly Hills/Greater LA
- CO-Listing Office: Global Platinum Properties, Inc.
(lic# 02062910)
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Based on information from CRISNet MLS as of 28th April 2024 at 1:47pm. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
