10th Street Apartments

1224-1228 10th St., Santa Monica, CA

$6,150,000

Price

8,700 sqft

Building Size

0.3449 acres

Lot Area

Overview
Building Size
8,700 sqft
Lot Area
0.3449 acres
Occupancy
80%
Units
15
Year Built
1958
Floors
2
Description

SVN is pleased to present an opportunity to acquire two adjacent apartment buildings with combined 15 units consisting of all 1 bedroom/1 bath apartments. The subject property is situated on a double lot located just south of Wilshire Boulevard with approximately 15,026 lot SF, zoned R3 in the heart of Santa Monica. Subsequently, the property offers an Investor the opportunity to create additional value by rehabbing the existing units to achieve market rents with over 25% upside in rent growth. Alternatively, the current Owner has undergone though an entitlement process for 13 luxury condo units pre-approved by the city of Santa Monica for a Developer to build in the near future. 1224 10th Street is built in 1951 with (5) 1 bedroom/1 bath units each with a private outdoor patio space averaging 453 SF per unit. 1228 10th Street is a 2-story walk-up apartment building built in 1958 and is comprised of (10) 1 bedroom units averaging 788 SF per unit.

SVN is pleased to present an opportunity to acquire two adjacent apartment buildings with a combined 15 units consisting of all 1 Bedroom/1 Bath apartments. The subject property is situated on a double lot located just south of Wilshire Boulevard with approximately 15,026 lot SF, zoned R3 in the heart of Santa Monica. Subsequently, the property offers an Investor the opportunity to create additional value by rehabbing the existing units to achieve market rents with over 25% upside in rent growth. Alternatively, the current Owner has undergone though an entitlement process for 13 luxury condo units pre-approved by the city of Santa Monica for a Developer to build in the near future. 1224 10th Street is built in 1951 with (5) 1 bedroom/1 bath units each with a private outdoor patio space averaging 453 SF per unit. 1228 10th Street is a 2-story walk-up apartment building built in 1958 and is comprised of (10) 1 bedroom units averaging 788 SF per unit.

Highlights
  • Located in Prime Santa Monica Boulevard - Immediately South of Wilshire Boulevard
  • Value-Add Opportunity With 25%+ Rental Upside - 3 Units Delivered VACANT!
  • Entitlements Available to Build 13 Condo Units On Double Lot!
  • Several Blocks Away From 3rd Street Promenade and Santa Monica Pier
  • Walk-Score of 88 - Very Walkable | Bike Score of 95 - Biker's Paradise
  • Walking Distance To Award Winning Restaurants, Retail Shops, and Entertainment

Location
Gallery