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$5,485,000
Est. payment /mo
7,496 Sqft Lot
UPDATED:
Key Details
Property Type Other Types
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID SB26194031
HOA Y/N No
Year Built 1958
Lot Size 7,496 Sqft
Property Sub-Type Apartment
Property Description
An exceptional opportunity to acquire a meticulously remodeled 11-unit apartment building in one of Santa Monica's most coveted North of Wilshire locations. 1017 5th Street offers the rare combination of a true trophy-quality location, high-end renovated units and investment returns that are exceedingly difficult to find in prime Santa Monica.
Offered at $5,485,000, the property generates a compelling 5.39% current cap rate and 13.07 GRM, providing investors with unusually strong in-place cash flow for an asset of this quality and location. The investment becomes even more compelling on pro forma rents, reaching approximately a 6.69% cap rate and 11.03 GRM, with roughly 19% remaining rental upside.
The property has undergone extensive upgrades and features beautifully remodeled, high-end units designed to attract Santa Monica's premium renter base. This is not a heavy value-add project requiring years of construction, tenant turnover and capital expenditures. The work has largely been done, creating an exceptionally easy-to-own and easy-to-manage asset with strong income from day one.
Offered at $5,485,000, the property generates a compelling 5.39% current cap rate and 13.07 GRM, providing investors with unusually strong in-place cash flow for an asset of this quality and location. The investment becomes even more compelling on pro forma rents, reaching approximately a 6.69% cap rate and 11.03 GRM, with roughly 19% remaining rental upside.
The property has undergone extensive upgrades and features beautifully remodeled, high-end units designed to attract Santa Monica's premium renter base. This is not a heavy value-add project requiring years of construction, tenant turnover and capital expenditures. The work has largely been done, creating an exceptionally easy-to-own and easy-to-manage asset with strong income from day one.
Location
State CA
County Los Angeles
Area C14 - Santa Monica
Interior
Fireplace No
Appliance Dryer, Washer
Laundry Common Area, In Garage, In Kitchen, Outside, Upper Level
Exterior
Parking Features Covered, Tandem
Carport Spaces 13
Pool None
Community Features Biking, Curbs, Dog Park, Golf, Suburban, Sidewalks
Total Parking Spaces 13
Private Pool No
Building
Lot Description 11-15 Units/Acre
Story 2
Sewer Public Sewer
Water Private
New Construction No
Others
Senior Community No
Tax ID 4292011018
Acceptable Financing Conventional
Listing Terms Conventional
Special Listing Condition Standard
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Listed by Cameron Samimi Lyon Stahl Investment Real Estate, Inc. 310-259-7556, DRE #02035763
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