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Mixed-Use

1540 7TH

1540 7th St, Santa Monica, CA 90401

Listing Price: $7,500,000

Cap Rate
3.01%
Number of Units
8
Occupancy
62.5%
Price/Unit
$937,500
Price/Gross SF
$795.00
Gross SF
9,434

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale 1540 7th St in Downtown Santa Monica, California. Built in 1986 and renovated in 2006, this 9,434 SF mixed-use property consists of both office and multi-family units, with the potential for future redevelopment, highlighted in the Downtown Santa Monica Specific Plan. 1540 7th Street is currently laid out as a three-story creative office/live-work building, comprising of 8 units in total. The building is zoned SMC3*/TA (Transit Adjacent), and has a parking ratio of approximately 2.00/1,000 SF, secured through a private garage. The building is currently 50% occupied with three vacant office units totaling 4,715 SF. All Tenants are on month-to-month leases, giving an investor or owner/user the opportunity to quickly add value or run their business while obtaining historically low financing. An amended set of ADU laws were rolled out statewide in January of 2020 which allows landlords to build ADU’s and JADU’s to existing parcels. A new owner would have the opportunity to significantly increase the property’s value as well as income through this program. A new owner could increase the property’s cash flow by converting one of the vacant office suites into a multifamily unit. To learn more about this brand new ADU law, please give us a call. The subject property is located three blocks from the Third Street Promenade and Downtown Santa Monica Metro Station. It is also located within a block of Vons & Bay Cities Italian Deli, and close walking distance to Benihana, Umami, Sweetfin, Wexler’s, and the famous Mel’s Drive-In.

Investment Highlights

  • Built in 1986
  • Fully Renovated in 2006
  • 3 Vacant Office Suites
  • ADU Possibility
  • Private Garage Entrance
  • 3 Blocks from 3rd St Promenade
  • Walk Score of 91

Exclusively Listed By

Financing By

Listing Price: $7,500,000

Cap Rate
3.01%
Number of Units
8
Occupancy
62.5%
Price/Unit
$937,500
Price/Gross SF
$795.00
Gross SF
9,434

Investment Highlights

  • Built in 1986
  • Fully Renovated in 2006
  • 3 Vacant Office Suites
  • ADU Possibility
  • Private Garage Entrance
  • 3 Blocks from 3rd St Promenade
  • Walk Score of 91

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale 1540 7th St in Downtown Santa Monica, California. Built in 1986 and renovated in 2006, this 9,434 SF mixed-use property consists of both office and multi-family units, with the potential for future redevelopment, highlighted in the Downtown Santa Monica Specific Plan. 1540 7th Street is currently laid out as a three-story creative office/live-work building, comprising of 8 units in total. The building is zoned SMC3*/TA (Transit Adjacent), and has a parking ratio of approximately 2.00/1,000 SF, secured through a private garage. The building is currently 50% occupied with three vacant office units totaling 4,715 SF. All Tenants are on month-to-month leases, giving an investor or owner/user the opportunity to quickly add value or run their business while obtaining historically low financing. An amended set of ADU laws were rolled out statewide in January of 2020 which allows landlords to build ADU’s and JADU’s to existing parcels. A new owner would have the opportunity to significantly increase the property’s value as well as income through this program. A new owner could increase the property’s cash flow by converting one of the vacant office suites into a multifamily unit. To learn more about this brand new ADU law, please give us a call. The subject property is located three blocks from the Third Street Promenade and Downtown Santa Monica Metro Station. It is also located within a block of Vons & Bay Cities Italian Deli, and close walking distance to Benihana, Umami, Sweetfin, Wexler’s, and the famous Mel’s Drive-In.

Exclusively Listed By

Financing By

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