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… Read More 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. Read Less
Property listed by Lyon Stahl Investment Real Estate, Inc., Cameron Samimi 310-259-7556
Listing Snapshot
Days Online
2
Last Updated
Property Type
Apartment
Lot Size
0.17 Acres
Year Built
1958
MLS Number
SB26194031
Additional Details
Appliances & Equipment
Dryer, Washer
Building
Built in 1958, 1 building, 2 stories, Entry level: 1, Entry location: right side
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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