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12.5 GRM with Maximum Allowable Rents (MARs) in place! Rents and Gross income, listed below, are with MARs. First time on the market! Great value-add opportunity on this 10 unit property. Current rents are 15% below the City of Santa Monica MARs. Raise the rents with proper notice to the tenants (Buyer to confirm with Santa Monica Rent Control). Gross Annual Income using MARs is $280,556 (12.5 X gross). Gross Annual Income using current rents is $237,884. See current Rent Roll and MAR rent roll (see documents tab). There are (6) 2 bedrooms/2 bathrooms and (4) 1 bedroom/1 bathroom apartments.12 car parking. The 2 front 2 bedrooms/2 bathroom units are split level with high ceilings. Good long term upside in rents. Close to restaurants and shopping in sunny Santa Monica! Seller provided a soft-story retrofit proposal (see documents tab) Inside with an accepted offer. Please do not disturb tenants. Please text for the quickest response. Voicemail and email also answered promptly. Thank you for your interest!
Property Type(s):
Residential Income
| Last Updated | 11/8/2024 | Year Built | 1967 |
|---|---|---|---|
| Community | Santa Monica | County | Los Angeles |
Additional Details
| AIR | None |
|---|---|
| AREA | Santa Monica |
| GARAGE | Carport, Covered, Door-Multi, Garage, Yes |
| HEAT | Natural Gas |
| LOT | 7491 sq ft |
| PARKING | Covered,Carport,Door-Multi,Garage |
| STORIES | 2 |
| STYLE | Traditional |
| VIEW | Yes |
| VIEW DESCRIPTION | Park/Greenbelt |
| ZONING | SMR3* |
Location
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Listed with Berkshire Hathaway HomeServices California Properties
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