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Listed by Cameron Samimi, DRE #02035763 • Lyon Stahl Investment Real Estate, Inc.
$ 5,199,000
Est. payment /mo
Price Dropped by $286K
1017 5th Santa Monica, CA 90403
7,496 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRSB26194031
Year Built 1958
Lot Size 7,496 Sqft
Source California Regional MLS
Property 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 $5,199,000, the property generates a compelling 5.75% current cap rate and 12.39 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 7.13% cap rate and 12.39 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.
Location
State CA
County Los Angeles
Area C14 - Santa Monica
Interior
Laundry In Garage, In Kitchen, Other, Washer, Community Facility, Dryer
Exterior
Parking Features Covered Parking
Garage Spaces 13.0
Pool None
Building
Water Private
Others
Tax ID 4292011018
Special Listing Condition Not Applicable
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