2620 11TH Street

    Santa Monica, CA 90405
    • $7,000,000
    • STATUS: Active
    • ON SITE: 15 days
    • ID#: 19526764
    UPDATED: 41 min ago
    $7,000,000
    • 0
      BEDS
    • 0.39
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 8,084
      SQFT
    • $866
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1947
    County:

    School Ratings & Info

    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.

    Monthly Payment Calculator



    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-11-20T00:28:59.483. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Team Tami | Palm Realty Boutique. Licensed in the State of California, USA.
    www.playavistaliving.com/homes/100540788

    2620 11TH Street Santa Monica, CA 90405

    • Price: $7,000,000
    • Status: Active
    • Updated: 41 min ago
    • ID#: 19526764
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.39
    Acres
    8,084
    SQFT
    $866
    $/SQFT
    1947
    Built
    Neighborhood:
    C14 - Santa Monica
    County:
    Los Angeles
    Area:
    C14 - Santa Monica
    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.
    Exterior Features

    Lot Size Units Square Feet Parking Features Other Parking YN Yes

    Interior Features

    Cooling See Remarks Cooling YN Yes Laundry Features See Remarks

    Property Features

    Association Amenities Other Association YN Yes Cap Rate 5.61 Gross Multiplier 13.50 Gross Operating Income 463584.00 Improvements Amount 308622 Land Value 278166 Laundry YN Yes Net Operating Income 392603.00 Special Listing Conditions Standard Total Expenses 127081.00 Zoning Smr2*

    Listing provided courtesy of Elijah Korobkin of Central Realty Advisors Inc


    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-11-20T00:28:59.483. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Team Tami | Palm Realty Boutique. Licensed in the State of California, USA.
     
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