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- LoopNet Team
1224-1228 10th St
Santa Monica, CA 90401
Multifamily Property For Sale · 15 Units
INVESTMENT HIGHLIGHTS
- 5 Units Now DELIVERED VACANT! Value-Add Opportunity With 25%+ Rental Upside
- Located in Prime Santa Monica Boulevard - Immediately South of Wilshire Boulevard
- Several Blocks Away From 3rd Street Promenade and Santa Monica Pier
- $300,000 PRICE REDUCTION! 5% Decrease - Motivated Seller!
- Entitlements Available to Build 13 Condo Units On Double Lot!
- Walk-Score of 88 - Very Walkable | Bike Score of 95 - Biker's Paradise
PROPERTY FACTS
| No. Units | 15 | Lot Size | 0.34 AC |
| Property Type | Multifamily | Building Size | 8,700 SF |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low Rise | Year Built | 1958 |
| Building Class | C | Parking Ratio | 0.67/1,000 SF |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.34 AC |
| Building Size | 8,700 SF |
| No. Stories | 2 |
| Year Built | 1958 |
| Parking Ratio | 0.67/1,000 SF |
UNIT AMENITIES
- Air Conditioning
- Patio
SITE AMENITIES
- Laundry Facilities
ABOUT 1224-1228 10TH ST , SANTA MONICA, CA 90401
Price Reduced! Motivated Seller! SVN is pleased to present an opportunity to acquire two adjacent apartment buildings with combined 15 units consisting of all 1 bedroom/1 bath apartments. The subject property is situated on a double lot located just south of Wilshire Boulevard with approximately 15,026 lot SF, zoned R3 in the heart of Santa Monica. Subsequently, the property offers an Investor the opportunity to create additional value by rehabbing the existing units to achieve market rents with over 25% upside in rent growth. Alternatively, the current Owner has undergone though an entitlement process for 13 luxury condo units pre-approved by the city of Santa Monica for a Developer to build in the near future. 1224 10th Street is built in 1951 with (5) 1 bedroom/1 bath units each with a private outdoor patio space averaging 453 SF per unit. 1228 10th Street is a 2-story walk-up apartment building built in 1958 and is comprised of (10) 1 bedroom units averaging 788 SF per unit.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 15 | - | 453 - 788 |
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $2,387,717 | |
| Land Assessment | $3,714,228 | Total Assessment | $6,101,945 |
PROPERTY TAXES
ZONING
| Zoning Code | R3, Santa Monica |
| R3, Santa Monica |
