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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16BEDS
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0.39ACRES
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0BATHS
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01/2 BATHS
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8,084SQFT
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$860$/SQFT
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.
Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-05-23T19:42:59.373. 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.