2620 11TH Street

    Santa Monica, CA 90405
    • $6,550,000
    • STATUS: Active
    • ON SITE: 15 days
    • ID#: 18358798
    UPDATED: 67 min ago
    $6,550,000
    • 0
      BEDS
    • 0.39
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 8,084
      SQFT
    • $810
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1947
    County:

    School Ratings & Info

    Description

    We are excited to present this 16-Unit apartment building, (with 10 units being delivered VACANT) The Village at 2620 11th Street, conveniently located in the coveted Ocean Park neighborhood of Santa Monica, one of the highest-demand apartment rental markets in the country. The property was built in 1947, featuring ample parking garages & storage lockers. There are 11 one car garages, 5 reserved parking spaces and 5 large storage lockers offering significant additional income. The building is priced at an attractive 5.4% cap rate (once the vacancies are renovated and leased). Additionally, the property features +/-21% rental upside upon unit turnover. This property appeals to savvy investors as well as collectors of trophy assets. The property is walking distance to Gelson's on Lincoln, as well as a number of popular restaurants including Shaka Shack Burgers, Sunny Blue, Library Ale House, Herringbone and much more! CALL FOR OFFERS 7/17/2018 @5pm!

    Monthly Payment Calculator



    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-07-18T07:34:01.32. 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
    www.amazingtemeculahomes.com/homes/85248375

    2620 11TH Street Santa Monica, CA 90405

    • Price: $6,550,000
    • Status: Active
    • Updated: 67 min ago
    • ID#: 18358798
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.39
    Acres
    8,084
    SQFT
    $810
    $/SQFT
    1947
    Built
    Neighborhood:
    C14 - Santa Monica
    County:
    Los Angeles
    Area:
    C14 - Santa Monica
    Property Description
    We are excited to present this 16-Unit apartment building, (with 10 units being delivered VACANT) The Village at 2620 11th Street, conveniently located in the coveted Ocean Park neighborhood of Santa Monica, one of the highest-demand apartment rental markets in the country. The property was built in 1947, featuring ample parking garages & storage lockers. There are 11 one car garages, 5 reserved parking spaces and 5 large storage lockers offering significant additional income. The building is priced at an attractive 5.4% cap rate (once the vacancies are renovated and leased). Additionally, the property features +/-21% rental upside upon unit turnover. This property appeals to savvy investors as well as collectors of trophy assets. The property is walking distance to Gelson's on Lincoln, as well as a number of popular restaurants including Shaka Shack Burgers, Sunny Blue, Library Ale House, Herringbone and much more! CALL FOR OFFERS 7/17/2018 @5pm!
    Exterior Features

    Lot Size Source See Remarks 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

    Cap Rate 5.40 Electric Expense 832.00 Fuel Expense 367.00 Garage Income 63200.00 Gross Multiplier 13.60 Gross Operating Income 471711.00 Improvements Amount 308622 Insurance Expense 3951.00 Land Value 278166 Laundry YN Yes Maintenance Expense 6400.00 Net Operating Income 356287.00 Professional Management Expense 18868.00 Special Listing Conditions Standard Total Expenses 115424.00 Zoning Smr2*

    Listing provided courtesy of Zachary Grant of Elijah Korobkin and Elijah Korobkin of Elijah Korobkin.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-07-18T07:34:01.32. 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
     
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