6 Units | Santa Monica | $474.65 Per SF | All 3 Bedroom Units

Highlights:

• Built in 1960 – Huge Value Add Potential
• Seismic Retrofitting 100% Completed
• All 6 Units are Large, Approx. 1,400 sq.ft. 3 Bedroom + 2 Bathroom
• Well Parked with 8 Individual Carport Spaces and 12 if Used as Tandem
• A+ Location, North of Wilshire, Steps away from Montana Ave, 1 Mile from Beach
• Separately Metered for Gas and Electricity
• Irreplaceable Building per Today’s Zoning Codes
• Multiple Exit Strategies with Possibility of Converting to Tenants in Common

Description:

LAAA Team is proud to introduce 848 19th Street, a 6-unit apartment value-add building located in one of the most desirable Santa Monica Locations: the Wilshire-Montana corridor. The property is ideally located north of Wilshire Blvd, just steps away from Montana Ave, has a walk score of 80, is less than 1.5 miles from the beach, and is in close proximity to Whole Foods, Starbucks, and many other popular shops, restaurants and conveniences.

This 1960 vintage property boasts an excellent unit mix with all 6 of the units being very large, approx. 1,400 sq. ft., 3-bed/2-bath units. Furthermore, these one of a kind units, with very large windows throughout, making these units naturally bright and welcoming, come with a private balcony/patio for each unit.

Achievable rents for this property have already been proven with one of the units being fully renovated and bringing in a rental amount of $4,500/month, which is more than 50% greater than the average rent of the remaining five non-renovated units. If a buyer wants to push their renovation even further, they could achieve top of the market rents of $4,800/month, which is a nearly 80% more rent than the non-renovated units are currently bringing in.

A major benefit of this property is that the mandatory soft story / seismic retrofitting has already been completed and paid for by the seller. This allows the buyer to escape a major cost that other similar buildings would have, and instead, the buyer can focus their money and energy on renovating the units to get them to their full potential. Once these units are at their full potential, the buyer can either enjoy the cash flow, or the buyer could also consider converting these units to a tenants in common structure to sell them off individually. Additionally, this property is truly irreplaceable due to the fact that there is over 8,300 rentable square feet on a 7,993 square foot lot, which would not be allowed by today’s zoning bylaws

This offering provides an excellent opportunity for a buyer to invest in one of the historically highest appreciating markets in the USA, while also having a great road map on how to add significant value by greatly increasing the cash flow through renovations.

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