We are pleased to present 1837 18th Street, an outstanding multifamily investment opportunity located in the heart of Santa Monica. Built in 1990, this well-maintained property offers spacious units, exceptional parking, and significant rental upside. 1837 18th Street consists of six 2-bedroom/2-bath units and one 3-bedroom/2-bath unit, totaling approximately 7,200… Read More square feet on an 8,002 square foot lot. Four units are not subject to rent control, while the remaining three units have a rent-controlled deed restriction in place until 2045. One unit will be delivered vacant at closing, offering immediate lease-up potential. The current ownership has invested in notable capital improvements, including tenting the property for termites, replacing the roof (15-year warranty included), and upgrading many of the units. The property also boasts 13 subterranean parking spaces and three single-car garages an amenity rarely found in similar assets along with in-unit washer/dryer hookups in every apartment. All utilities including water are individually metered, resulting in low operating costs. Priced at a 5.24% cap rate and 12.82 GRM on current income, the building presents excellent potential to increase income through strategic rent increases and further upgrades. Situated in a prime Santa Monica location near acclaimed restaurants, boutique retail, and major employment centers, 1837 18th Street represents a rare opportunity to acquire a stable,bread-and-butter apartment asset with long-term upside in one of Los Angeles' most desirable rental markets. Read Less
Property listed by BRC Advisors- BH, John Katnik
Listing Snapshot
Days Online
10
Last Updated
Property Type
Other
Beds
15
Square Ft.
7,200
Lot Size
0.18 Acres
Year Built
1990
MLS Number
25580261
30 Days Snapshot Of 90404
$886k
-1%
(avg) sold price
5
+25%
homes sold
57
-22%
(avg) days on market
Snapshot
Area Map
Additional Details
Appliances & Equipment
Dishwasher, Microwave, Refrigerator
Building
Built in 1990, Building area total: 7,200, Levels: Two, MultiSplit, Living area: 7200, 2 stories, 1 building, Architectural style: , Attached, Common walls: OneCommonWall, Construction materials: Stucco
Community
Gated
Cooling
CentralAir
Floors
Vinyl
Garage
3 spaces
Heating
Central
Income
Gross income: $271,092, Net operating income: $182,020
Laundry
Stacked
Lot
0.1838 acres, 8,008 square feet, Size: 8,008
Parking
16 totals parking, Underground, Garage
Pool
None
Property
Zoning: SMR2*
Security Features
GatedCommunity
Spa
None
Tenant Pays
Electricity, Gas, Water
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. 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.
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