Description

This exceptionally charming 5-unit multi-family property presents an incredible investment opportunity in a prime Santa Monica location. Built in 1938 this updated property has immense appeal and offers long-term growth potential. The property has been meticulously maintained. There are three 1 bedroom/1 bathroom units plus two 2 bedroom/1 bathroom units. Four of the five units have been remodeled; three feature in-unit laundry, the other two units have private laundry inside their garage. There are refinished hardwood floors, three of the five units have split AC units, quartz/granite countertops and tiled showers. In January 2025 a new roof was installed on the rear building, and in late 2024 the front building was recoated. Two of the front units have individual enclosed garages; three units have assigned parking. This property offers both immediate rental income and long-term growth potential. This property has just undergone significant capital improvements including soft story/seismic retrofit work, resulting in a building that is fully stabilized and ready to go. Centrally located near transportation, schools, shopping, parks, and the best Santa Monica has to offer. Operating at a 100% occupancy, the property yields a highly attractive Pro-Forma Cap Rate of 4.69%. The current tenants are professionals and the units are well maintained. This is a fantastic opportunity for investors seeking a steady cash flow in a thriving, rent resilient market. There is an excellent property management company in place. This is rare turnkey acquisition.