1528 10th Street, Santa Monica, CA 90401

Property Description

We are pleased to present this 8 unit multifamily property situated at 1528 10th St, Santa Monica, CA 90401. The property is subject to state and local laws and regulations relating to rent control and tenant protections during the pandemic emergency.Ideally located within walking distance to the Metro Line (0.5 miles), Trader Joe's Market (0.5 miles), Third Street Promenade (0.7 miles), and the world famous Santa Monica Pier (0.9 miles), as well as an endless array of shopping, dining, and nightlife options that Santa Monica has to offer. Also, the property is at the end of a dead-end road meaning there is no through trafc, creating a quiet and peaceful setting in an otherwise bustling city center.Comprised of all 2 bed / 1 bath units, this 6,479 square foot building was built in 1956 and it sits on a 0.17 acre lot which has access to the property from the both the street and alleyway behind. The property offers 7 on-site parking spots with 5 surface spots in the back alley and 2 more covered spots in the front, and each tenant can get a street permit parking pass. Also, there is a communal laundry room for the tenants to use.The building has been very well maintained during the 11 years of current ownership. The building was fully re-roofed in 2018, and the roof carries a 10-year guarantee. Several units have been upgraded with improvements such as new kitchen cabinets, quartz countertops, stainless steel appliances, hardwood or laminate oors and double-pane windows. The main water supply line, all horizontal water lines and some vertical lines have been replaced with copper. With an estimated 55% upside in rents, this easy to manage property is perfect for the value-add buyer who wants to get rents up over time without the hassle of dealing with deferred maintenance. The starting CAP rate of over 4% gives the buyer strong and reliable cash ow right away, and if they are able to get the three low-paying legacy tenants to leave, they would be able to get the CAP rate above 7%! For an added bonus, there are zero COVID delinquent rents at this property because all of the tenants have paid in full and on time throughout the entirety of the pandemic.