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Multifamily

1423 & 1427 Euclid St

1423-1427 Euclid St, Santa Monica, CA 90404

Listing Price: $6,200,000

Cap Rate
5.08%
Number of Units
17
GRM
13.09
Occupancy
97.0%
Price/Unit
$364,706
Price/Gross SF
$396.90
Gross SF
15,621

Investment Overview

Marcus & Millichap presents an exclusive portfolio featuring two beautifully maintained properties in sought-after neighborhoods of Santa Monica.

The portfolio at 1423 and 1427 Euclid St. presents a unique investment opportunity in the heart of Santa Monica, one of Southern California's most desirable real estate markets. Together, these two properties span a combined 14,993 square foot lot with 15,621 square feet of living space, offering a diverse mix of 17 rental units that cater to a range of tenant preferences. The properties include an 11-unit building at 1423 Euclid St. and a 6-unit bungalow complex at 1427 Euclid St., both of which are strategically located within walking distance of iconic Santa Monica destinations such as Santa Monica Beach, the Santa Monica Pier, and 3rd Street Promenade.

1423 Euclid St. is a three-story multifamily property built in 1974, offering a mix of studio apartments, 1-bedroom/1-bath units, 2-bedroom/2-bath units, and townhome-style units. Recent improvements to the building include a new hot water boiler in 2023, a new roof in 2019, and partial sewer and electrical upgrades. The property features private balconies for each unit, ample parking in secured garages or alley access, and common-area laundry facilities. Many of the second- and third-floor units benefit from natural light and scenic views of the Santa Monica Mountains and Catalina Island.

Just next door, 1427 Euclid St. is a 6-unit property consisting of bungalow-style units built in 1924, providing tenants with enhanced privacy due to the minimal shared walls. The units are housed in five separate structures, which is a rare feature for multi-family properties in the area. The property also includes four single-car garages and recently serviced roofs, ensuring that the buildings are well-maintained. This location is particularly attractive given its close proximity to Downtown Santa Monica, which offers a wide array of entertainment, shopping, and dining options.

Santa Monica's prime location continues to experience strong demand for rental properties, bolstered by its beachside lifestyle, vibrant retail and dining scene, and excellent weather year-round. The area is further supported by several nearby developments that will enhance the local infrastructure and drive demand for housing. For example, the 1945 Euclid St. project will add 39,000 square feet of office space and retail to the area, while other developments such as Aire Santa Monica, a luxury residential project, set a high standard for upscale living in the neighborhood. These projects are likely to drive further job creation, economic growth, and demand for housing in this already high-demand market.

Both properties offer significant value-add potential. At 1423 Euclid St., there are opportunities to enhance the interiors of the units, upgrade the common areas, and potentially improve the parking and utility systems. Meanwhile, 1427 Euclid St. offers upside through cosmetic renovations to the bungalow units, which could help raise rents while maintaining their unique character. The diverse unit mix between the two properties combining bungalows, townhomes, and apartments ensures a broad appeal to a variety of tenants, from those seeking privacy to those looking for more conventional apartment living.
With the ongoing demand for rental properties in Santa Monica and the nearby development projects set to further improve the area's infrastructure and desirability, the properties at 1423 and 1427 Euclid St. represent a compelling investment. Their prime location, potential for rental growth, and the ability to reposition and improve the properties make them an attractive option for both long-term cash flow and capital appreciation. Investors have a unique opportunity to acquire a diverse and well-positioned asset in one of the most desirable rental markets in Southern California.

Investment Highlights

  • Prime Location: Located in one of Southern California's most sought-after neighborhoods, with proximity to iconic landmarks, beaches, and amenities.
  • Diverse Unit Mix: A combination of bungalows, townhome-style units, and apartments, offering various living options and broad appeal to a range of tenants.
  • Value-Add Potential: Opportunities for rent increases and property enhancements, especially in the 1423 Euclid St. building and in the bungalow-style units at 1427 Euclid St.
  • Strong Market Fundamentals: The Santa Monica market continues to experience high demand for rental properties, driven by limited housing supply, ongoing development, and desirable coastal lifestyle.
  • Proximity to Future Development: The surrounding area is undergoing significant growth and transformation, including new office and retail space, which will likely enhance the property's value.
  • Diversified Tenant Base: The unique unit mix (bungalows, apartments, townhomes) ensures a broad range of tenant profiles, providing more stable occupancy.

Exclusively Listed By

Financing By

Multifamily

1423 & 1427 Euclid St

Listing Price: $6,200,000

Cap Rate
5.08%
Number of Units
17
GRM
13.09
Occupancy
97.0%
Price/Unit
$364,706
Price/Gross SF
$396.90
Gross SF
15,621

Investment Highlights

  • Prime Location: Located in one of Southern California's most sought-after neighborhoods, with proximity to iconic landmarks, beaches, and amenities.
  • Diverse Unit Mix: A combination of bungalows, townhome-style units, and apartments, offering various living options and broad appeal to a range of tenants.
  • Value-Add Potential: Opportunities for rent increases and property enhancements, especially in the 1423 Euclid St. building and in the bungalow-style units at 1427 Euclid St.
  • Strong Market Fundamentals: The Santa Monica market continues to experience high demand for rental properties, driven by limited housing supply, ongoing development, and desirable coastal lifestyle.
  • Proximity to Future Development: The surrounding area is undergoing significant growth and transformation, including new office and retail space, which will likely enhance the property's value.
  • Diversified Tenant Base: The unique unit mix (bungalows, apartments, townhomes) ensures a broad range of tenant profiles, providing more stable occupancy.

Investment Overview

Marcus & Millichap presents an exclusive portfolio featuring two beautifully maintained properties in sought-after neighborhoods of Santa Monica. The portfolio at 1423 and 1427 Euclid St. presents a unique investment opportunity in the heart of Santa Monica, one of Southern California's most desirable real estate markets. Together, these two properties span a combined 14,993 square foot lot with 15,621 square feet of living space, offering a diverse mix of 17 rental units that cater to a range of tenant preferences. The properties include an 11-unit building at 1423 Euclid St. and a 6-unit bungalow complex at 1427 Euclid St., both of which are strategically located within walking distance of iconic Santa Monica destinations such as Santa Monica Beach, the Santa Monica Pier, and 3rd Street Promenade. 1423 Euclid St. is a three-story multifamily property built in 1974, offering a mix of studio apartments, 1-bedroom/1-bath units, 2-bedroom/2-bath units, and townhome-style units. Recent improvements to the building include a new hot water boiler in 2023, a new roof in 2019, and partial sewer and electrical upgrades. The property features private balconies for each unit, ample parking in secured garages or alley access, and common-area laundry facilities. Many of the second- and third-floor units benefit from natural light and scenic views of the Santa Monica Mountains and Catalina Island. Just next door, 1427 Euclid St. is a 6-unit property consisting of bungalow-style units built in 1924, providing tenants with enhanced privacy due to the minimal shared walls. The units are housed in five separate structures, which is a rare feature for multi-family properties in the area. The property also includes four single-car garages and recently serviced roofs, ensuring that the buildings are well-maintained. This location is particularly attractive given its close proximity to Downtown Santa Monica, which offers a wide array of entertainment, shopping, and dining options. Santa Monica's prime location continues to experience strong demand for rental properties, bolstered by its beachside lifestyle, vibrant retail and dining scene, and excellent weather year-round. The area is further supported by several nearby developments that will enhance the local infrastructure and drive demand for housing. For example, the 1945 Euclid St. project will add 39,000 square feet of office space and retail to the area, while other developments such as Aire Santa Monica, a luxury residential project, set a high standard for upscale living in the neighborhood. These projects are likely to drive further job creation, economic growth, and demand for housing in this already high-demand market. Both properties offer significant value-add potential. At 1423 Euclid St., there are opportunities to enhance the interiors of the units, upgrade the common areas, and potentially improve the parking and utility systems. Meanwhile, 1427 Euclid St. offers upside through cosmetic renovations to the bungalow units, which could help raise rents while maintaining their unique character. The diverse unit mix between the two properties combining bungalows, townhomes, and apartments ensures a broad appeal to a variety of tenants, from those seeking privacy to those looking for more conventional apartment living. With the ongoing demand for rental properties in Santa Monica and the nearby development projects set to further improve the area's infrastructure and desirability, the properties at 1423 and 1427 Euclid St. represent a compelling investment. Their prime location, potential for rental growth, and the ability to reposition and improve the properties make them an attractive option for both long-term cash flow and capital appreciation. Investors have a unique opportunity to acquire a diverse and well-positioned asset in one of the most desirable rental markets in Southern California.

Exclusively Listed By

Financing By

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