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$ 3,950,000
Est. payment | /mo
7,098 SqFt
$ 3,950,000
Est. payment | /mo
7,098 SqFt
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 7,098 sqft
Price per Sqft $556
MLS Listing ID CL26828455
HOA Y/N No
Year Built 1958
Lot Size 7,483 Sqft
Acres 0.1718
Property Sub-Type Other
Property Description
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 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.
Location
State CA
County Los Angeles
Zoning SMR3*
Interior
Fireplace No
Building
New Construction No
Others
Tax ID 4282013018
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Listed by Sean Rosenzweig • Marcus & Millichap
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