Multifamily

1846 10th St

Listing Price: $4,950,000

Cap Rate
4.06%
Number of Units
10
GRM
16.74
Occupancy
97.00%
Price/Unit
$495,000
Price/Gross SF
$545.39
Gross SF
9,076

Investment Overview

Marcus & Millichap is pleased to present these excellently located 10-units located at 1846 10th Street, in Santa Monica, California Built in 1958 the asset sits on 11,990-square feet of land with 9,076-square feet of rentable area and boasts a great unit mix with all 10 of its unit being two-bedroom/one-bath units. Furthermore, about half of the units have their own washer and dryer in unit.

With an average unit size of over 900-square feet, this property is beautifully designed with all the units wrapping around a center courtyard, and tenants have access to the property from both 10th Street and an alleyway behind the building Furthermore, the property offers its tenants ample parking with on site garage and surface parking, and then plenty of additional permitted parking on 10th street, allowing the tenants to always have a parking spot when coming home.

A huge benefit to the Buyer is that the Seller has already paid for and completed the mandatory soft story seismic retrofitting work, which will save the buyer an expensive deferred maintenance item.

With market rents estimated at $3,450 for these 900-square foot two-bedroom units, a value add investor has the opportunity to increase rents by an estimated 40 which can yield a pro forma CAP rate of 6.29%.

Lastly, with today's extremely attractive interest rates, a qualified Buyer/Borrower would only need a 40 down payment (1,980,000) on this property to receive an attractive 3.30 interest rate, and the Buyer/Borrower could also receive up to 3 years of interest only payments, getting their day 1 cash on cash return to 5.20%

Investment Highlights

  • Built in 1958 with Renovations
  • Great Santa Monica Location
  • Excellent Mix of All Two-Bedroon Units
  • Soft Story Retrofitting Complete
  • Value Add Over 40% Upside
  • Common Area and In Unit Laundry

Exclusively Listed By

Listing Price: $4,950,000

Cap Rate
4.06%
Number of Units
10
GRM
16.74
Occupancy
97.00%
Price/Unit
$495,000
Price/Gross SF
$545.39
Gross SF
9,076

Investment Highlights

  • Built in 1958 with Renovations
  • Great Santa Monica Location
  • Excellent Mix of All Two-Bedroon Units
  • Soft Story Retrofitting Complete
  • Value Add Over 40% Upside
  • Common Area and In Unit Laundry

Investment Overview

Marcus & Millichap is pleased to present these excellently located 10-units located at 1846 10th Street, in Santa Monica, California Built in 1958 the asset sits on 11,990-square feet of land with 9,076-square feet of rentable area and boasts a great unit mix with all 10 of its unit being two-bedroom/one-bath units. Furthermore, about half of the units have their own washer and dryer in unit.

With an average unit size of over 900-square feet, this property is beautifully designed with all the units wrapping around a center courtyard, and tenants have access to the property from both 10th Street and an alleyway behind the building Furthermore, the property offers its tenants ample parking with on site garage and surface parking, and then plenty of additional permitted parking on 10th street, allowing the tenants to always have a parking spot when coming home.

A huge benefit to the Buyer is that the Seller has already paid for and completed the mandatory soft story seismic retrofitting work, which will save the buyer an expensive deferred maintenance item.

With market rents estimated at $3,450 for these 900-square foot two-bedroom units, a value add investor has the opportunity to increase rents by an estimated 40 which can yield a pro forma CAP rate of 6.29%.

Lastly, with today's extremely attractive interest rates, a qualified Buyer/Borrower would only need a 40 down payment (1,980,000) on this property to receive an attractive 3.30 interest rate, and the Buyer/Borrower could also receive up to 3 years of interest only payments, getting their day 1 cash on cash return to 5.20%

Exclusively Listed By

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