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.
Courtesy of , Elijah Korobkin - CA DRE#
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