Santa Monica Location | 6 Units | 1813 9th St
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Santa Monica Location | 6 Units 1813 9th St
6 Unit Apartment Building $2,800,000 ($466,667/Unit) 4.85% Cap Rate Santa Monica, CA 90404
Investment Highlights
- Excellent Unit Mix of 2 (2+1.5’s) and 4 (3+2’s)
- Significant Capital Improvements including a Newer Roof, Copper Plumbing, Electrical Upgrades, and a Newer Water Heater
- True Value-Add Opportunity with Current Rents ±49% Under Market
- Half of the Units are Townhouse-Style Units
- Select Units have been Extensively Upgraded with Designer Finishes
- Exceptional Market Fundamentals 2024 Average Home Value of $1,703,436 and 2024 Average Household Income of $174,679
Executive Summary
Built in 1963, on a ±7,485 square foot R2 lot, 1813 9th Street is a two-story, six-unit multifamily property with a total building size of ±7,763 square feet. The well-maintained property is separately metered for gas and electric, is serviced by a central water heater, and offers an on-site laundry facility, one two-car garage, and five carport parking spaces with storage bins. In recent years, the property has seen significant capital improvements including a new roof, copper plumbing in most units, an updated electrical panel in laundry room, and a newer water heater. Additionally, two units have been extensively upgraded to include individual tankless water heaters and in-unit laundry.
1813 9th Street boasts an exceptional unit mix of two two-bedroom/one-and-one-half-bathroom townhouse-style units, three three-bedroom/two-bathroom units, and one three-bedroom/two-bathroom townhouse-style unit. The oversized units offer gas stoves, refrigerators, ceiling fans, forced heat or wall units for heating, upgraded flooring, ample closet and storage space, and a balcony or patio in select units. The two extensively upgraded units are equipped with stackable laundry systems, brand-new kitchens with new shaker cabinetry, quartz countertops, stainless-steel appliances (gas stove, refrigerator, microwave, and dishwasher), ceiling fans, brand-new bathrooms, designer fixtures and hardware, dual pane windows, upgraded flooring, new lighting, and updated electrical panels.
1813 9th Street boasts an exceptional unit mix of two two-bedroom/one-and-one-half-bathroom townhouse-style units, three three-bedroom/two-bathroom units, and one three-bedroom/two-bathroom townhouse-style unit. The oversized units offer gas stoves, refrigerators, ceiling fans, forced heat or wall units for heating, upgraded flooring, ample closet and storage space, and a balcony or patio in select units. The two extensively upgraded units are equipped with stackable laundry systems, brand-new kitchens with new shaker cabinetry, quartz countertops, stainless-steel appliances (gas stove, refrigerator, microwave, and dishwasher), ceiling fans, brand-new bathrooms, designer fixtures and hardware, dual pane windows, upgraded flooring, new lighting, and updated electrical panels.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
---|---|---|
Gross Rental Income | $211,264 | $27.21 |
Other Income | $576 | $0.07 |
Vacancy Loss | $6,355 | $0.82 |
Effective Gross Income | $205,485 | $26.47 |
Taxes | $34,351 | $4.42 |
Operating Expenses | $35,225 | $4.54 |
Total Expenses | $69,576 | $8.96 |
Net Operating Income | $135,909 | $17.51 |
Financial Summary (Actual - 2023)
Gross Rental Income | |
---|---|
Annual | $211,264 |
Annual Per SF | $27.21 |
Other Income | |
---|---|
Annual | $576 |
Annual Per SF | $0.07 |
Vacancy Loss | |
---|---|
Annual | $6,355 |
Annual Per SF | $0.82 |
Effective Gross Income | |
---|---|
Annual | $205,485 |
Annual Per SF | $26.47 |
Taxes | |
---|---|
Annual | $34,351 |
Annual Per SF | $4.42 |
Operating Expenses | |
---|---|
Annual | $35,225 |
Annual Per SF | $4.54 |
Total Expenses | |
---|---|
Annual | $69,576 |
Annual Per SF | $8.96 |
Net Operating Income | |
---|---|
Annual | $135,909 |
Annual Per SF | $17.51 |
Property Facts
Price | $2,800,000 | Apartment Style | Low Rise |
Price Per Unit | $466,667 | Building Class | C |
Sale Type | Investment | Lot Size | 0.17 AC |
Cap Rate | 4.85% | Building Size | 7,763 SF |
Gross Rent Multiplier | 13.25 | Average Occupancy | 100% |
No. Units | 6 | No. Stories | 2 |
Property Type | Multifamily | Year Built | 1963 |
Property Subtype | Apartment | Parking Ratio | 0.77/1,000 SF |
Price | $2,800,000 |
Price Per Unit | $466,667 |
Sale Type | Investment |
Cap Rate | 4.85% |
Gross Rent Multiplier | 13.25 |
No. Units | 6 |
Property Type | Multifamily |
Property Subtype | Apartment |
Apartment Style | Low Rise |
Building Class | C |
Lot Size | 0.17 AC |
Building Size | 7,763 SF |
Average Occupancy | 100% |
No. Stories | 2 |
Year Built | 1963 |
Parking Ratio | 0.77/1,000 SF |
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Washer/Dryer
- Heating
- Ceiling Fans
- Kitchen
- Hardwood Floors
- Refrigerator
- Stainless Steel Appliances
- Range
- Double Pane Windows
- Patio
Site Amenities
- Controlled Access
- Laundry Facilities
- Gated
Unit Mix Information
Description | No. Units | Avg. Rent/Mo | SF |
---|---|---|---|
2+1.5 | 2 | $1,944 | 1,080 |
3+2 | 4 | $3,049 | 1,400 |
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Walk Score ®
Walker's Paradise (93)
Transit Score ®
Excellent Transit (75)
Bike Score ®
Biker's Paradise (93)
PROPERTY TAXES
Parcel Number | 4283-021-004 | Total Assessment | $443,714 (2024) |
Land Assessment | $99,794 (2024) | Annual Taxes | $34,351 ($4.42/SF) |
Improvements Assessment | $343,920 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
4283-021-004
Land Assessment
$99,794 (2024)
Improvements Assessment
$343,920 (2024)
Total Assessment
$443,714 (2024)
Annual Taxes
$34,351 ($4.42/SF)
Tax Year
2023
zoning
Zoning Code | SMR2* (to be verified by Buyer) |
SMR2* (to be verified by Buyer) |
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Santa Monica Location | 6 Units | 1813 9th St
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