1228 W 10TH Street

    Santa Monica, CA 90401
    • $6,250,000
    • STATUS: Active
    • ON SITE: 138 days
    • ID#: 19531098
    UPDATED: 62 min ago
    $6,250,000
    • 0
      BEDS
    • 0.34
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1958
    County:

    School Ratings & Info

    Description

    SVN is pleased to present an opportunity to acquire two adjacent apartment buildings with combined 15 units consisting of all 1 bedroom/1 bath apartments, 1224-1228 10th Street Santa Monica. The subject property is situated on a double lot located just south of Wilshire Boulevard with approximately 15,026 lot SF, zoned R3 in the heart of Santa Monica. Subsequently, the property offers an Investor the opportunity to create additional value by rehabbing the existing units to achieve market rents with over 25% upside in rent growth. Alternatively, the current Owner has undergone though an entitlement process for 13 luxury condo units pre-approved by the city of Santa Monica for a Developer to build in the near future. 1224 10th Street is built in 1951 with (5) 1 bedroom/1 bath units each with a private outdoor patio space averaging 453 SF per unit. 1228 10th Street is a 2-story walk-up apartment building built in 1958 and is comprised of (10) 1 bedroom units averaging 788 SF per unit.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-04-06T16:30:48.57. 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 deemed reliable but is not guaranteed accurate by the MLS or Steele Canyon Realty. Licensed in the State of California, USA.

    www.steelecanyonrealty.com/homes/101124465

    1228 W 10TH Street Santa Monica, CA 90401

    • Price: $6,250,000
    • Status: Active
    • Updated: 62 min ago
    • ID#: 19531098
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.34
    Acres
    1958
    Built
    Neighborhood:
    C14 - Santa Monica
    County:
    Los Angeles
    Area:
    C14 - Santa Monica
    Property Description
    SVN is pleased to present an opportunity to acquire two adjacent apartment buildings with combined 15 units consisting of all 1 bedroom/1 bath apartments, 1224-1228 10th Street Santa Monica. The subject property is situated on a double lot located just south of Wilshire Boulevard with approximately 15,026 lot SF, zoned R3 in the heart of Santa Monica. Subsequently, the property offers an Investor the opportunity to create additional value by rehabbing the existing units to achieve market rents with over 25% upside in rent growth. Alternatively, the current Owner has undergone though an entitlement process for 13 luxury condo units pre-approved by the city of Santa Monica for a Developer to build in the near future. 1224 10th Street is built in 1951 with (5) 1 bedroom/1 bath units each with a private outdoor patio space averaging 453 SF per unit. 1228 10th Street is a 2-story walk-up apartment building built in 1958 and is comprised of (10) 1 bedroom units averaging 788 SF per unit.
    Exterior Features

    Lot Size Source Other Lot Size Units Square Feet

    Interior Features

    Cooling Wall/Window Unit(S) Cooling YN Yes

    Property Features

    Additional Parcels YN Yes Gross Income 357367.00 Gross Multiplier 17.20 Gross Operating Income 357367.00 Net Operating Income 243136.00 Senior Community YN No Special Listing Conditions Standard Zoning Smr3*

    Listing provided courtesy of Daniel Baird of Sperry Van Ness


    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-04-06T16:30:48.57. 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 deemed reliable but is not guaranteed accurate by the MLS or Steele Canyon Realty. Licensed in the State of California, USA.

     
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