2620 11th Street, Santa Monica, CA 90405

$7,000,000
16
BD
16
BA
8,084
SqFt
List Price
$7,000,000
Status
Active
MLS#
19526764
Year Built
1947
Bedrooms
16
Bathrooms
16
Living Sq. Ft
8,084
Lot Size
17,072
Days on Market
35
Property Type
Multifamily

Property Description

7% Year-One Cash-on-Cash Return - 5.61% Cap Rate & 13.5 GRM (Year-One).We are pleased to present "Live on 11th", a 16 Unit, single story, bungalow style complex, located at 2620 11th St, in Ocean Park, Santa Monica, one of the highest demand rental markets in the country & just 10 blocks to the beach! The property is situated on a 17k+ SF lot, was built in 1947, features 11 Garages, 5 additional parking spaces, 5 storage lockers and a communal laundry room. The unit mix consists of 16 One-Bedroom/One-Bathroom units. Of the 16 units, 10 units were renovated with new floors, paint, Stainless Steel appliances and light fixtures. They are renting for $921 - $3,250/month! One additional unit is vacant and un-renovated. An investor may acquire this trophy asset at a 5.61% Year-One Cap Rate, and capitalize on the remaining +/- 28.4% upside with rents at market, AND further increase the rents by adding in-unit laundry, A/C, recessed lights and by creating open floor plans.

Additional Information

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Parking
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Calculator source: Real Geeks

Courtesy of Central Realty Advisors Inc, Elijah Korobkin - CA DRE#02068521

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