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2620 11TH St

Santa Monica, CA 90405
  • $6,950,000
  • STATUS: Active
  • ON SITE: 36 Days
  • MLS #: 22-145423
UPDATED: 13 min ago
$6,950,000
  • 16
    BEDS
  • 0.39
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 8,084
    SQFT
  • $860
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1947
County:
Area:

School Ratings & Info

Description

4.78% Cap Rate + 45% net income upside + MASSIVE ADU potential (plans submitted to City of Santa Monica) on 17,072 sf of LAND. "Live on 11th" is a 16 Unit (all 1bed+1bath), single story, bungalow style complex located in Ocean Park, Santa Monica, one of the highest demand rental markets in the country & a quick bike ride to the beach. Built in 1947, the property sits on a massive 17k+ SF lot and features 11 Garages, 5 additional parking spaces, 5 storage lockers, and a communal laundry room. The unit mix consists of (16) 1 Bedroom/1 Bathroom units. The asset presents a rare opportunity for investors to acquire a positive cash flow building that has the potential to yield a 6.93% cap rate & 11.3 GRM upon stabilization. Investors also have the opportunity to build additional ADU units (1,190sqft each). Plans have been submitted and corrections have been issued by the city to build (2) 4 Bedroom/3 Bathroom units. It is projected that once complete, these ADU units will add ~$2,500,000 of value to the property.

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Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-05-18T22:43:09.05. 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.
www.searchdesertrealestate.com/homes/127603110
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2620 11TH St Santa Monica, CA 90405

  • Price: $6,950,000
  • Status: Active
  • On Site: 36 Days
  • Updated: 13 min ago
  • MLS #: 22-145423
16
Beds
0
Baths
0
½ Baths
0.39
Acres
8,084
SQFT
$860
$/SQFT
1947
Built
Neighborhood:
Santa Monica
County:
Los Angeles
Area:
Santa Monica
Property Description
4.78% Cap Rate + 45% net income upside + MASSIVE ADU potential (plans submitted to City of Santa Monica) on 17,072 sf of LAND. "Live on 11th" is a 16 Unit (all 1bed+1bath), single story, bungalow style complex located in Ocean Park, Santa Monica, one of the highest demand rental markets in the country & a quick bike ride to the beach. Built in 1947, the property sits on a massive 17k+ SF lot and features 11 Garages, 5 additional parking spaces, 5 storage lockers, and a communal laundry room. The unit mix consists of (16) 1 Bedroom/1 Bathroom units. The asset presents a rare opportunity for investors to acquire a positive cash flow building that has the potential to yield a 6.93% cap rate & 11.3 GRM upon stabilization. Investors also have the opportunity to build additional ADU units (1,190sqft each). Plans have been submitted and corrections have been issued by the city to build (2) 4 Bedroom/3 Bathroom units. It is projected that once complete, these ADU units will add ~$2,500,000 of value to the property.
Exterior Features

Lot Size Area 17072 Other Structures Other Parking Garage Other Total Parking 16

Interior Features

Baths Total 16.00 Cooling Other Equipment Other Heating Other

Property Features

Assessed Total Value 5466128 Gross Income 456815 Gross Operating Income 456815 Like Units1 1 Like Units2 1 Like Units3 3 Like Units4 1 Like Units5 1 Like Units6 1 Net Operating Income 332055.00 Number Of Buildings 2 Number Of Units 16 Sale Type Standard Source Living Area Other Source Lot Size Area Other Total Annual Expense 124760 Type Of Units 16 Year Built Source Other Zoning Smr2*

Listing provided courtesy of Elijah Korobkin DRE#01897085 of Central Realty Advisors Inc.


Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-05-18T22:43:09.05. 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.
 
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