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Multifamily

1847 21st St

1847 21st St, Santa Monica, CA 90404

Listing Price: $2,000,000

Cap Rate
2.01%
Number of Units
5
Price/Unit
$400,000
Price/Gross SF
$567.86
Gross SF
3,522

Investment Overview

Marcus & Millichap is pleased to present 1847 21st St, a 5-unit investment opportunity located in the prime location of Santa Monica just east of the intersection of Olympic Blvd and 20th St by the Santa Monica Freeway. The unit mix consists of one single family three-bedroom residence and two duplexes with a single, two one-bedroom units, and a two-bedroom unit. The majority of the units are leased at below market rents, providing an investor the opportunity to capture 49% rental upside through interior unit renovations as units turn. High Bike Score of 91, proximity to schools, employment, and transit options, this location makes it convenient for residents to commute throughout the city. Santa Monica is one of the best locations in Los Angeles. Located just below Brentwood, this booming area is home to young professionals and families alike. Companies such as Activision Blizzard, Universal Music Group, Snap, and Lionsgate attract top talent to this area. Third Street Promenade provides residents with great dining and shopping experiences, while the beach and Santa Monica Pier allow residents to enjoy stunning views.

Investment Highlights

  • a 5-unit value add investment opportunity located in the prime location of Santa Monica just east of the intersection of Olympic Blvd and 20th St by the Santa Monica Freeway
  • Two structures including one single family three bedroom residence and two duplexes with a single, two one-bedroom units, and a two-bedroom unit
  • There are three enclosed garages with additional parking in front giving an investor the opportunity to convert to ADU's (Buyer to verify)
  • Significant value add opportunity as the units are leased at below market rents with over 49% rental upside through interior unit renovations as units turn; once stabilized, the pro forma CAP rate is projected to be 5.85%
  • High Bike Score of 91, proximity to schools, employment, and transit options, this location makes it convenient for residents to commute throughout the city and nearby destinations in Venice, Malibu, West Los Angeles, and Culver City
  • Santa Monica is one of the best locations in Los Angeles. Located just below Brentwood, this booming area is home to young professionals and families alike. Companies such as Activision Blizzard, Universal Music Group, Snap, and Lionsgate attract top talent to this area. The Third Street Promenade provides residents with great dining and shopping experiences, while the beach and Santa Monica Pier allow residents to enjoy stunning views

Exclusively Listed By

Financing By

Multifamily

1847 21st St

Listing Price: $2,000,000

Cap Rate
2.01%
Number of Units
5
Price/Unit
$400,000
Price/Gross SF
$567.86
Gross SF
3,522

Investment Highlights

  • a 5-unit value add investment opportunity located in the prime location of Santa Monica just east of the intersection of Olympic Blvd and 20th St by the Santa Monica Freeway
  • Two structures including one single family three bedroom residence and two duplexes with a single, two one-bedroom units, and a two-bedroom unit
  • There are three enclosed garages with additional parking in front giving an investor the opportunity to convert to ADU's (Buyer to verify)
  • Significant value add opportunity as the units are leased at below market rents with over 49% rental upside through interior unit renovations as units turn; once stabilized, the pro forma CAP rate is projected to be 5.85%
  • High Bike Score of 91, proximity to schools, employment, and transit options, this location makes it convenient for residents to commute throughout the city and nearby destinations in Venice, Malibu, West Los Angeles, and Culver City
  • Santa Monica is one of the best locations in Los Angeles. Located just below Brentwood, this booming area is home to young professionals and families alike. Companies such as Activision Blizzard, Universal Music Group, Snap, and Lionsgate attract top talent to this area. The Third Street Promenade provides residents with great dining and shopping experiences, while the beach and Santa Monica Pier allow residents to enjoy stunning views

Investment Overview

Marcus & Millichap is pleased to present 1847 21st St, a 5-unit investment opportunity located in the prime location of Santa Monica just east of the intersection of Olympic Blvd and 20th St by the Santa Monica Freeway. The unit mix consists of one single family three-bedroom residence and two duplexes with a single, two one-bedroom units, and a two-bedroom unit. The majority of the units are leased at below market rents, providing an investor the opportunity to capture 49% rental upside through interior unit renovations as units turn. High Bike Score of 91, proximity to schools, employment, and transit options, this location makes it convenient for residents to commute throughout the city. Santa Monica is one of the best locations in Los Angeles. Located just below Brentwood, this booming area is home to young professionals and families alike. Companies such as Activision Blizzard, Universal Music Group, Snap, and Lionsgate attract top talent to this area. Third Street Promenade provides residents with great dining and shopping experiences, while the beach and Santa Monica Pier allow residents to enjoy stunning views.

Exclusively Listed By

Financing By

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