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$5,485,000
Est. payment /mo
5 Beds
4 Baths
7,496 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID SB26194031
Bedrooms 5
Lot Size 7,496 Sqft
Property Sub-Type Res Income 2-4 Units
Property Description
An exceptional opportunity to acquire a meticulously remodeled 11-unit apartment building in one of Santa Monicas 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 $5,485,000, the property generates a compelling 5.39% current cap rate and 13.07 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 6.69% cap rate and 11.03 GRM, with roughly 19% remaining rental upside. The property has undergone extensive upgrades and features beautifully remodeled, high-end units designed to attract Santa Monicas 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
Zoning Assessor
Direction North of Wilshire Blvd, south of Montana Ave, west of Lincoln Blvd.
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Senior Community No
Tax ID 4292011018
Acceptable Financing Conventional
Listing Terms Conventional
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Listed by Cameron Samimi, DRE#02035763 Lyon Stahl Investment Real Estate, Inc.
NEARBY SCHOOLS & PROPERTIES
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Mary Ellen Haywood
Broker Associate CA DRE#01264878
Broker Associate CA DRE#01264878