Investment Overview

Marcus and Millichap is pleased to present a fifteen (15) unit apartment building located at 1860 9th Street in Santa Monica, California. The subject property is located in a prime Santa Monica location just north of Lincoln Boulevard and west of Pico Boulevard. Santa Monica is a prime destination for those who want to tap into the high demand for coastal living, vibrant amenities, and diverse employment opportunities. The city boasts a strong rental market, with nearly 70% of residents renting. The city is home to some of the largest employers in the region, such as Hulu, Activision Blizzard, Lionsgate, and RAND Corporation, as well as a thriving startup scene. Santa Monica is also close to major employment hubs like West L.A., Century City, and Culver City, making it an attractive location for commuters. The city features world-class attractions like the Santa Monica Pier, Third Street Promenade, and Pacific Park, as well as numerous art galleries, museums, theaters, and festivals. The city’s multifamily market is expected to grow in the coming years, as new developments are underway or planned in the downtown area and along major corridors. Some of the notable projects include The Miramar Santa Monica hotel redevelopment, the Ocean Avenue mixed-use project designed by Frank Gehry, and the 3030 Nebraska Avenue apartment building. Built in 1955, this property contains an excellent unit mix of one (1) studio / one-bathroom unit and fourteen (14) two-bedroom / one and a half-bathroom units. The property consists of a double-lot with one being zoned commercial. All units face the well-maintained inner courtyard. The units boast a ton of character with lovely tile and wood flooring, tile counters, French doors, antique light fixtures, and other built-in decorative elements. There is shared laundry on-site with newer Maytag high efficiency appliances. This rare, mid-size asset goes street-to-street with eight (8) garage parking spaces off of Lincoln Court, three (3) covered carports with storage spaces above, and seven (7) uncovered interior parking spaces. Most of the storage can be rented for additional income, and there is a private storage room attached to the southern garage. There is great potential to convert the garage spaces into multiple ADU units. Tenants will love living only one (1) mile to Santa Monica Pier, with easy access to major transportation and some of the strongest employment hubs available throughout Los Angeles County. Situated in a prime Santa Monica location, this offering presents an excellent opportunity for any investor to capitalize on the strong initial cash flow coupled with the opportunity to build out multiple ADU(s) with a very favorable loan assumption.