4.61% Cap Rate + 40% net income upside + MASSIVE ADU potential (plans submitted to City of Santa Monica) on 17,072 sf of LAND. "Live on 11th" is a 16 Unit (all 1bed+1bath), single story, bungalow style complex located in Ocean Park, Santa Monica, one of the highest demand rental markets in the country & a quick bike ride to the beach. Built in 1947, the property sits on a massive 17k+ SF lot and features 11 Garages, 5 additional parking spaces, 5 storage lockers, and a communal laundry room. The unit mix consists of (16) 1 Bedroom/1 Bathroom units. The asset presents a rare opportunity for investors to acquire a positive cash flow building that has the potential to yield a 6.38% cap rate upon stabilization. Investors also have the opportunity to build additional ADU units (1,190sqft each). Plans have been submitted and corrections have been issued by the city to build (2) 4 Bedroom/3 Bathroom units. It is projected that once complete, these ADU units will add ~$2,500,000 of value to the property.