1245 10th Street

SANTA MONICA 90401

Asking for 5,050,000

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Contact
Eric von Bluecher
310-900-9505
evb@lee-associates.com

1245 10th St – OM

With eight, highly upgraded units leaving 25% +/- upside for the new investor, this multifamily asset combines both great cash flow along with cash preservation for generations due to the fantastic location and quality tenant fundamentals found in Santa Monica. The A+ location is in close proximity to boutique and luxury shopping, Michelin and James Beard awarded restaurants, word class beaches, top tech companies accompanied with a matching tenant base that features 60% college educated earning $40,000 more than the national average.

Well maintained and ideally located, 11 unit investment opportunity in Santa Monica. The asset is generating $287k in gross income with potential income of $377k. Eight units are renovated and collecting market rents hedging risks of being stuck with legacy tenants while leaving 31% potential upside for added value and income. The location attracts ideal tenants seeking close proximity to tech companies, shopping, beaches, restaurants and a walkable, fun, lifestyle that demands healthy rents. The property features parking for all units. The building is under Santa Monica rent control. Each unit offers spacious, efficient and bright floor plans.

HIGHLIGHTS

  • Semi-stabilized asset w/ 8/11 units at market rent
  • A+ location for maximum rent values
  • 90 WalkScore, 93 BikeScore, 76 TransitScore
  • 25% +/- upside = added equity & income potential
  • Well parked with up to 12 parking spots
  • Landlord owned washer and dryer for max profits

Individual gas & electric meters = reduced expenses

No seismic retrofit necessary saving thousands