2620 11TH ST

SANTA MONICA, CA, 90405

$7,150,000

$884 per ft²
$7,150,000
$884 per ft²
Active
Active
 - For Sale
beds
16 Beds
baths
16 Baths
carpenters-square
8,084 ft²
property_type
Multi-family
calendar
Built 1947
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.
MLS® ID:
22-116379
Updated:
8/12/22

Interior Features

Total Bedrooms
16
Total Bathrooms
16
Cooling
Other
Heating
Other

Exterior/Building Features

Lot Size
0.39 acres lot

Other Property Details

Garage
No
Parking
Other
Parking Total
16.0
View
N
County
Los Angeles
Pool
No
Total Stories
1
Zoning
SMR2*

Property History

Date
Event
Price
Value
3/24/22
Price Change
$7,150,000
0%
Contact