We are pleased to offer the opportunity to acquire 1323 11th Street, a 10-unit partially renovated apartment community located in Santa Monica. Situated between Santa Monica Boulevard and Wilshire Boulevard, the subject property is located within walking distance to the 3rd Street Promenade and provides easy access to everyday amenities.Situated… Read More on a 7,483 square foot lot, the property consists of a single building with seven one-bedroom units and three two-bedroom units. Current ownership has extensively renovated 80% of the units, featuring new flooring throughout, modern kitchens with quartz countertops, stainless steel appliancesincluding dishwasher, stove/oven, and farmhouse-style sinkand open-concept dining and living areas. Renovated units also include updated bathrooms, contemporary vanities, spacious closets, and ample cabinet space.The two remaining legacy 1Bdr/1Bath units average $1,578/month against a market rent of $2,495, representing a $918 per-unit gap that offers meaningful upside through unit turnover and renovation.1323 11th Street provides investors a rare buying opportunity that delivers an immediate healthy income stream, with remaining rental upside in a prime coastal market.PLEASE DO NOT WALK THE PROPERTY OR DISRUPT TENANTS. CONTACT THE LISTING TEAM FOR DETAILS. Read Less
Property listed by Marcus & Millichap, Sean Rosenzweig 310-259-7556
Listing Snapshot
Days Online
0
Last Updated
Beds
13
Square Ft.
7,098
Lot Size
0.17 Acres
Year Built
1958
MLS Number
26828455
Additional Details
Building
Built in 1958, Living area: 7098.0, 1 building, 2 stories, Levels: Two
Income
Gross Income: $329,748, Net Operating Income: $223,151
Lot
0.1718 acres
Parking
13 total parking spaces, Covered
Taxes
Parcel Number: 4282013018, Zoning: SMR3*
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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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