1017 5thSanta Monica, CA 90403

Description

An exceptional opportunity to acquire a meticulously remodeled 11-unit apartment building in one of Santa Monica’s most coveted North of Wilshire locations. 1017 5th Street offers the rare combination of a true trophy-quality location, high-end renovated units and investment returns that are exceedingly difficult to find in prime Santa Monica. Offered at $5,485,000, the property generates a compelling 5.39% current cap rate and 13.07 GRM, providing investors with unusually strong in-place cash flow for an asset of this quality and location. The investment becomes even more compelling on pro forma rents, reaching approximately a 6.69% cap rate and 11.03 GRM, with roughly 19% remaining rental upside. The property has undergone extensive upgrades and features beautifully remodeled, high-end units designed to attract Santa Monica’s premium renter base. This is not a heavy value-add project requiring years of construction, tenant turnover and capital expenditures. The work has largely been done, creating an exceptionally easy-to-own and easy-to-manage asset with strong income from day one.

Property Information

Property type

Residential Income

Sub-type

Apartment

Year built

1958

Stories

2

Building area

7,494 Sq Ft

Lot size

0.17 acres

Parking spaces

13

Days on market

38

MLS^® Listing#

SB26194031

Property Features

Appliances

Dryer · Washer

Pool

None

Parking

Covered · Tandem

Laundry

Common Area · In Garage · In Kitchen · Outside · Upper Level

Community

Curbs · Golf · Suburban · Sidewalks

Sewer

Public Sewer

Water source

Private

Financial Details

HOA

None

Parcel number

4292011018

Directions

North of Wilshire Blvd, south of Montana Ave, west of Lincoln Blvd.