1111 18th St Santa Monica, CA 90403

$2,500,000
Santa Monica, CA   90403
0 Beds, 0.0 Baths, 0 sq ft, 8,009 sq ft lot, Built in 1937
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0 Beds,
0.0 Baths,
0 sq ft,
8,009 sq ft lot
Built in 1937

Description

MLS# SB19092203

We are very pleased to present 1111 18th Street, an outstanding development and/or value-add multifamily investment opportunity in the heart of Santa Monica. Ideally located north of Wilshire Blvd on a quiet tree-lined street within walking distance to many popular retail and dining establishments lining Wilshire and Montana. The property is situated near both Saint Johns Hospital Center and UCLA Medical Center, two of the largest employers in Santa Monica. The central location gives tenants easy access to a large variety of workplace and entertainment options. 1111 18th Street is a 3,977 SF 4-unit apartment building made up of (2) 3bd/2bth units (~1150 SF) and (2) 1bd/1bth units (~850 SF). Currently, three of the four units are vacant providing immediate opportunity to update and rent them at market rates: Unit 1111A (3+2) is VACANT, Unit 1111C (1+1) is rented for $1,780/m, Unit 1111D (1+1) is VACANT, Unit 1113 (3+2) is VACANT. The over-sized 8,009 SF lot is zoned SMR2 which provides a developer with potential to build four (4) to five (5) new units/condos by-right to ultimately maximize the potential of the lot (buyer/buyer's agent to verify). Very motivated seller - we are encouraging all interested parties to submit offers. See Agents remarks for showings and open house. *CAP/GRM calculated using proforma rents with no capital improvements taken into account. Listed by Albert Corey Rasmussen, Lyon Stahl Investment Real Estate, Inc..

Description

MLS# SB19092203

We are very pleased to present 1111 18th Street, an outstanding development and/or value-add multifamily investment opportunity in the heart of Santa Monica. Ideally located north of Wilshire Blvd on a quiet tree-lined street within walking distance to many popular retail and dining establishments lining Wilshire and Montana. The property is situated near both Saint Johns Hospital Center and UCLA Medical Center, two of the largest employers in Santa Monica. The central location gives tenants easy access to a large variety of workplace and entertainment options. 1111 18th Street is a 3,977 SF 4-unit apartment building made up of (2) 3bd/2bth units (~1150 SF) and (2) 1bd/1bth units (~850 SF). Currently, three of the four units are vacant providing immediate opportunity to update and rent them at market rates: Unit 1111A (3+2) is VACANT, Unit 1111C (1+1) is rented for $1,780/m, Unit 1111D (1+1) is VACANT, Unit 1113 (3+2) is VACANT. The over-sized 8,009 SF lot is zoned SMR2 which provides a developer with potential to build four (4) to five (5) new units/condos by-right to ultimately maximize the potential of the lot (buyer/buyer's agent to verify). Very motivated seller - we are encouraging all interested parties to submit offers. See Agents remarks for showings and open house. *CAP/GRM calculated using proforma rents with no capital improvements taken into account. Listed by Albert Corey Rasmussen, Lyon Stahl Investment Real Estate, Inc..

Area
AREA: C14 - Santa Monica
COUNTY: LA
Building Info
STORIES: 2
COMMON WALLS: 2+ Common Walls
PARKING: Garage - Rear Entry, Garage - Single Door, On Site
POOL: None
LAUNDRY: Community, Washer Hookup
Exterior Features
LOT: 0-1 Unit/Acre, Front Yard, Garden, Yard
Garage & Parking
PARKING SPACES: 5.00
GARAGE SPACES: 5.00
Community
COMMUNITY: Curbs, Sidewalks, Suburban
UNITS TOTAL: 4
STORIES TOTAL: 2
Land
WATER: Public
LOT NUMBER: C
TRACT NUMBER: 7015.0
ZONE: SMR2*
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