2620 11th St

Santa Monica, CA 90405 View Map $7,300,000 Schedule a Tour
Sq.Ft. Lot17,072
Year1947
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Status: Active
Property Type:Residential Income (Multi-Family)
MLS #:22116379
On Site:18 Days
Lot Size:17,072 Sq. Ft.
County:Los Angeles
4.44% CAP RATE! "Live on 11th" is a 16 Unit, 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. This Spanish style property presents a rare opportunity for investors to acquire a positive cash flow building that has the potential to yield a 6.23% cap rate upon full stabilization. Investors also have the opportunity to build additional ADU units (1,190sqft each). Plans have been submitted to the city to build (2) 4 Bedroom/3 Bathroom units. It is projected that once complete, these ADU units will add ~$2.5MM of value.

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$000 Monthly Payment
Loan and interest only. Taxes and insurance not included.

Detailed Maps

Community Information

Address:2620 11th St Santa Monica, CA 90405
Zip Code:90405

Architecture

Year Built:1947
Stories:1
Building Area: 8084.0
Number of Buildings: 2
Total Units: 16
Stories Total: 1
Unit 1: 1 Unit•1 Bed•1 Bath•Unfurnished•$1,665 actual rent•$1,665 total rent•$2,795 pro forma
Unit 2: 1 Unit•1 Bed•1 Bath•Unfurnished•$2,503 actual rent•$2,503 total rent•$2,795 pro forma
Unit 3: 3 Units•1 Bed•1 Bath•Unfurnished•$2,395 actual rent•$2,395 total rent•$2,750 pro forma
Unit 4: 1 Unit•1 Bed•1 Bath•Unfurnished•$1,692 actual rent•$1,692 total rent•$2,750 pro forma
Unit 5: 1 Unit•1 Bed•1 Bath•Unfurnished•$1,627 actual rent•$1,627 total rent•$2,750 pro forma
Unit 6: 1 Unit•1 Bed•1 Bath•Unfurnished•$2,345 actual rent•$2,345 total rent•$2,750 pro forma
Unit 7: 2 Units•1 Bed•1 Bath•Unfurnished•$2,275 actual rent•$2,275 total rent•$2,750 pro forma
Unit 8: 1 Unit•1 Bed•1 Bath•Unfurnished•$1,160 actual rent•$1,160 total rent•$2,750 pro forma
Unit 9: 1 Unit•1 Bed•1 Bath•Unfurnished•$2,180 actual rent•$2,180 total rent•$2,750 pro forma
Unit 10: 2 Units•1 Bed•1 Bath•Unfurnished•$2,495 actual rent•$2,495 total rent•$2,750 pro forma
Unit 12: 1 Unit•1 Bed•1 Bath•Unfurnished•$967 actual rent•$967 total rent•$2,750 pro forma
Unit 13: 1 Unit•1 Bed•1 Bath•Unfurnished•$2,295 actual rent•$2,295 total rent•$2,750 pro forma
Parking Total: 16.0

Property Features

Lot Size: 0.39 Acres / 17,072 Sq. Ft.
Zoning:SMR2*
Directions:North of Ocean Park Ave, South of Rose Ave, East of Walgrove Ave, West of 4th Ave

Tax and Financial Info

Gross Income: $452,610
Net Operating Income: $324,059

Listing Agent/Office

Listing agent / office Elijah Korobkin, Central Realty Advisors Inc.

Schools

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2620 11th St Santa Monica, CA 90405
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2620 11th St Santa Monica, CA 90405
 
ASAP
Fri
28
Jan
Sat
29
Jan
Sun
30
Jan
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31
Jan
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Choose Your Date -- It's Free, Cancel Anytime
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Based on information from California Regional Multiple Listing Service, Inc. as of January 27, 2022. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. IDX provided by Sierra Interactive.