Multifamily

1318 Yale Street

Listing Price: $2,795,000

Cap Rate
4.36%
Number of Units
6
Price/Unit
$465,833
Price/Gross SF
$812.97
Gross SF
3,438

Investment Overview

Marcus & Millichap is pleased to offer for sale a six-unit apartment community located at 1318 Yale Street. The subject property is located just north of Santa Monica Boulevard within the city of Santa Monica on a quiet desirable street. Consisting of single-story cottage style units on a 7,517 square foot parcel, the property is comprised of five one-bedroom units and one single. The property will be delivered with four out of six units vacant, allowing new ownership to immediately upgrade units to capture market rents. Current ownership has renovated all six units within the last 10 years with hard wood flooring, Italian porcelain tiling and dual pane windows. The current ownership has also invested in a new roof, upgraded the wood decking and aesthetic upgrades to the vacant units and landscaping. Each unit includes a semi-private redwood deck and patio. Additionally, the property has been extremely well maintained. Due to its 1947 construction, the property is subject to Santa Monica rent control statutes. The property is located in one of the most desirable and affluent submarkets in Los Angeles and represents an excellent buying opportunity for an investor to acquire a well-maintained asset with remaining upside in rental income.

Investment Highlights

  • High Vacancy Property: Four out of Six Units Will Be Delivered Vacant, Allowing a New Owner the Opportunity to Immediately Increase Income Through Unit and Exterior Renovations
  • Recent Capital Improvements: New Roof, Upgraded Wood Decking, Aesthetic Upgrades to Vacant Units and Landscaping
  • Immediate Value Add Opportunity: Immediate Upside in Rents. Additional Income Can Also Be Captured Through an Empty Two Car Garage and Large Storage Room
  • Single Story Bungalow Layout: Each Unit Includes a Semi-Private Redwood Deck, Hardwood Floors, Italian Porcelain Tile, and Vinyl-Frame Double Glass Windows
  • Extremely Desirable Market: Excellent Santa Monica Location on a Very Quiet Street. With a 91 Walk Score "Walker's Paradise"- Daily Errands do not Require a Car

Exclusively Listed By

Listing Price: $2,795,000

Cap Rate
4.36%
Number of Units
6
Price/Unit
$465,833
Price/Gross SF
$812.97
Gross SF
3,438

Investment Highlights

  • High Vacancy Property: Four out of Six Units Will Be Delivered Vacant, Allowing a New Owner the Opportunity to Immediately Increase Income Through Unit and Exterior Renovations
  • Recent Capital Improvements: New Roof, Upgraded Wood Decking, Aesthetic Upgrades to Vacant Units and Landscaping
  • Immediate Value Add Opportunity: Immediate Upside in Rents. Additional Income Can Also Be Captured Through an Empty Two Car Garage and Large Storage Room
  • Single Story Bungalow Layout: Each Unit Includes a Semi-Private Redwood Deck, Hardwood Floors, Italian Porcelain Tile, and Vinyl-Frame Double Glass Windows
  • Extremely Desirable Market: Excellent Santa Monica Location on a Very Quiet Street. With a 91 Walk Score "Walker's Paradise"- Daily Errands do not Require a Car

Investment Overview

Marcus & Millichap is pleased to offer for sale a six-unit apartment community located at 1318 Yale Street. The subject property is located just north of Santa Monica Boulevard within the city of Santa Monica on a quiet desirable street. Consisting of single-story cottage style units on a 7,517 square foot parcel, the property is comprised of five one-bedroom units and one single. The property will be delivered with four out of six units vacant, allowing new ownership to immediately upgrade units to capture market rents. Current ownership has renovated all six units within the last 10 years with hard wood flooring, Italian porcelain tiling and dual pane windows. The current ownership has also invested in a new roof, upgraded the wood decking and aesthetic upgrades to the vacant units and landscaping. Each unit includes a semi-private redwood deck and patio. Additionally, the property has been extremely well maintained. Due to its 1947 construction, the property is subject to Santa Monica rent control statutes. The property is located in one of the most desirable and affluent submarkets in Los Angeles and represents an excellent buying opportunity for an investor to acquire a well-maintained asset with remaining upside in rental income.

Exclusively Listed By

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