2620 11th St, Santa Monica, CA 90405

$7,300,000
16
BD
16
BA
8,084
SqFt
List Price
$7,300,000
MLS#
22-116379
Year Built
1947
Bedrooms
16
Bathrooms
16
Living Sq. Ft
8,084
Lot Size
17,072
Days on Market
16
Property Type
Multifamily
Stories
1

Property Description

4.44% CAP RATE! "Live on 11th" is a 16 Unit, 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. This Spanish style property presents a rare opportunity for investors to acquire a positive cash flow building that has the potential to yield a 6.23% cap rate upon full stabilization. Investors also have the opportunity to build additional ADU units (1,190sqft each). Plans have been submitted to the city to build (2) 4 Bedroom/3 Bathroom units. It is projected that once complete, these ADU units will add ~$2.5MM of value.

Additional Information

Other Buildings
Other
Heat
Other
Cooling
Other
Number of Cars in Garage
Other

Mortgage Calculator

Amount of Loan
Annual Interest Rate
%
Term of Loan
Years

Does not include any taxes or fees.
Please consult a financial professional.
Calculator source: Real Geeks

Courtesy of , Elijah Korobkin - CA DRE#

The information being provided by CARETS (CLAW, CRISNet MLS, DAMLS, CRMLS, i-Tech MLS, and/or VCRDS)is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identifyprospective properties visitor may be interested in purchasing.Any information relating to a property referenced on this web site comes from the Internet Data Exchange (IDX)program of CARETS. This web site may reference real estate listing(s) held by a brokerage firm other than thebroker and/or agent who owns this web site.The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, isdeemed reliable but not guaranteed and should be personally verified through personal inspection by and/or withthe appropriate professionals. The data contained herein is copyrighted by CARETS, CLAW, CRISNet MLS,DAMLS, CRMLS, i-Tech MLS and/or VCRDS and is protected by all applicable copyright laws. Any disseminationof this information is in violation of copyright laws and is strictly prohibited.CARETS, California Real Estate Technology Services, is a consolidated MLS property listing data feed comprisedof CLAW (Combined LA/Westside MLS), CRISNet MLS (Southland Regional AOR), DAMLS (Desert Area MLS),CRMLS (California Regional MLS), i-Tech MLS (Glendale AOR/Pasadena Foothills AOR) and VCRDS (VenturaCounty Regional Data Share).