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Multifamily

1423 Franklin St

1423 Franklin St, Santa Monica, CA 90404

Listing Price: $3,950,000

Cap Rate
2.94%
Number of Units
4
Price/Unit
$987,500
Price/Gross SF
$848.00
Gross SF
4,658

Investment Overview

Marcus & Millichap is pleased to present to market 1423 Franklin Street, a turnkey multifamily investment property in Santa Monica, California. This unique offering presents the opportunity to acquire the only newer construction multifamily asset currently on the market in world-famous Santa Monica. Furthermore, this asset boasts a rare and sought-after mix of two four-bedroom/three-bath units (one of which is a single-family home), and two two-bedroom/two-bath units. 1423 Franklin Street comprises a vacant, completely remodeled, and rent-ready 1927 construction four-bed/three-bath home and a 2019 construction triplex with two two-bed/two-bath units and a four-bed/three-bath unit with a den. As a 2019 construction, the triplex units are not subject to rent control. The units are separately metered for gas and electricity and boast upgraded interiors, in-unit laundry, central HVAC, and patios/balconies. Additionally, $800,000 has been spent to provide the property with a very rare amenity for the area: subterranean parking. Six subterranean and two surface parking spaces are available. 1423 Franklin Street is well-located on a tree-lined street within blocks of major employers such as Amazon Studios, St. John’s Medical Center, Red Bull’s North America Headquarters, Lion’s Gate, and others. The property’s location proximate to retail has earned it an impressive WalkScore of 88, and the location also offers convenient access to the 10 Freeway, Pacific Coast Highway, and the Metro Expo Line.

Investment Highlights

  • Turnkey Asset Comprising a Non-Rent Controlled 2019 Construction Triplex and a Completely Remodeled 1927 Construction Single-Family Home
  • Rare and Sought-After Mix of Two Four-Bedroom/Three-Bath Units and Two Two-Bed/Two-Bath Units
  • The Four-Bedroom Home Is Currently Vacant, Offering a New Investor the Opportunity to Lease it at Market Rate
  • Amenities Include Subterranean Parking, In-Unit Laundry, Central HVAC, and Patios/Balconies
  • Within Walking Distance of Major Employers Such as Amazon Studios, Lion's Gate, Red Bull, and Saint John's Health Center

Exclusively Listed By

Listing Price: $3,950,000

Cap Rate
2.94%
Number of Units
4
Price/Unit
$987,500
Price/Gross SF
$848.00
Gross SF
4,658

Investment Highlights

  • Turnkey Asset Comprising a Non-Rent Controlled 2019 Construction Triplex and a Completely Remodeled 1927 Construction Single-Family Home
  • Rare and Sought-After Mix of Two Four-Bedroom/Three-Bath Units and Two Two-Bed/Two-Bath Units
  • The Four-Bedroom Home Is Currently Vacant, Offering a New Investor the Opportunity to Lease it at Market Rate
  • Amenities Include Subterranean Parking, In-Unit Laundry, Central HVAC, and Patios/Balconies
  • Within Walking Distance of Major Employers Such as Amazon Studios, Lion's Gate, Red Bull, and Saint John's Health Center

Investment Overview

Marcus & Millichap is pleased to present to market 1423 Franklin Street, a turnkey multifamily investment property in Santa Monica, California. This unique offering presents the opportunity to acquire the only newer construction multifamily asset currently on the market in world-famous Santa Monica. Furthermore, this asset boasts a rare and sought-after mix of two four-bedroom/three-bath units (one of which is a single-family home), and two two-bedroom/two-bath units. 1423 Franklin Street comprises a vacant, completely remodeled, and rent-ready 1927 construction four-bed/three-bath home and a 2019 construction triplex with two two-bed/two-bath units and a four-bed/three-bath unit with a den. As a 2019 construction, the triplex units are not subject to rent control. The units are separately metered for gas and electricity and boast upgraded interiors, in-unit laundry, central HVAC, and patios/balconies. Additionally, $800,000 has been spent to provide the property with a very rare amenity for the area: subterranean parking. Six subterranean and two surface parking spaces are available. 1423 Franklin Street is well-located on a tree-lined street within blocks of major employers such as Amazon Studios, St. John’s Medical Center, Red Bull’s North America Headquarters, Lion’s Gate, and others. The property’s location proximate to retail has earned it an impressive WalkScore of 88, and the location also offers convenient access to the 10 Freeway, Pacific Coast Highway, and the Metro Expo Line.

Exclusively Listed By

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