1307 17th Street

    Santa Monica, CA 90404
    • $2,995,000
    • STATUS: Active
    • ON SITE: 175 days
    • ID#: SB19095423
    UPDATED: 9 min ago
    $2,995,000
    • 0
      BEDS
    • 0.26
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 4,004
      SQFT
    • $748
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1923
    County:

    School Ratings & Info

    Description

    We are pleased to present 1307 17th Street, a value-add 7-unit multifamily investment property located in prime North Santa Monica. This beautiful Garden Style property has a unique composition of seven (7) one-bedroom/one-bathroom bungalows each with their own: laundry room, sit-in kitchen, garden area and front porch and back door, a community court yard and two large picnic areas perfect for BBQs and outdoor entertainment. One unit will be delivered VACANT at the close of escrow, offering immediate rental upside. The Bungalow style layout in Santa Monica is one in high demand and very difficult to find +GG this opportunity won+GGt last long. 1307 17th Street is ideally located within walking distance to both Saint John+GGs 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. Situated on an 11,259 SF Lot, operating at a 4.45% CAP rate with in-place rents - 1307 17th Street offers an astute investor the opportunity to acquire a multifamily asset in one of the most desirable neighborhoods of Southern California. By implementing a value-add program to raise rents to market levels, 1307 17th Street is a truly unique and lucrative investment. 4 onsite garages each rented to outside parties at $400/m providing additional income of $1200/m. Please do not walk the property or disturb tenants.

    Monthly Payment Calculator



    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-10-19T21:34:50.66. 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 deemed reliable but is not guaranteed accurate by the MLS or Naylor Properties | RE/MAX Estate Properties. Licensed in the State of California, USA.
    www.naylorproperties.com/homes/94100471

    1307 17th Street Santa Monica, CA 90404

    • Price: $2,995,000
    • Status: Active
    • Updated: 9 min ago
    • ID#: SB19095423
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.26
    Acres
    4,004
    SQFT
    $748
    $/SQFT
    1923
    Built
    Neighborhood:
    C14 - Santa Monica
    County:
    Los Angeles
    Area:
    C14 - Santa Monica
    Property Description
    We are pleased to present 1307 17th Street, a value-add 7-unit multifamily investment property located in prime North Santa Monica. This beautiful Garden Style property has a unique composition of seven (7) one-bedroom/one-bathroom bungalows each with their own: laundry room, sit-in kitchen, garden area and front porch and back door, a community court yard and two large picnic areas perfect for BBQs and outdoor entertainment. One unit will be delivered VACANT at the close of escrow, offering immediate rental upside. The Bungalow style layout in Santa Monica is one in high demand and very difficult to find +GG this opportunity won+GGt last long. 1307 17th Street is ideally located within walking distance to both Saint John+GGs 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. Situated on an 11,259 SF Lot, operating at a 4.45% CAP rate with in-place rents - 1307 17th Street offers an astute investor the opportunity to acquire a multifamily asset in one of the most desirable neighborhoods of Southern California. By implementing a value-add program to raise rents to market levels, 1307 17th Street is a truly unique and lucrative investment. 4 onsite garages each rented to outside parties at $400/m providing additional income of $1200/m. Please do not walk the property or disturb tenants.
    Exterior Features

    Garage Spaces 4.00 Lot Features 0-1 Unit/AcreGardenLandscapedTreed LotYard Lot Size Units Square Feet Parking Features GarageGarage Faces RearGarage - Single DoorSee Remarks Parking Total 4.00 Parking YN Yes Pool Features None Pool Private YN No Property Attached YN No

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls No Common Walls Flooring Wood Laundry Features Gas & Electric Dryer HookupIn KitchenWasher Hookup Levels One

    Property Features

    Additional Parcels YN No Building Area Units Square Feet Cap Rate 4.45 Community Features Urban Country Us Elevation Units Feet Garage Income 1200.00 Garage Rental Rate 400.00 Gardener Expense 3600.00 Gross Income 192645.00 Gross Multiplier 16.07 Gross Operating Income 195472.00 Gross Scheduled Income 186672.00 Insurance Expense 2545.00 Land Lease YN No Laundry YN Yes Maintenance Expense 4550.00 Net Operating Income 133559.00 New Construction YN No New Taxes Expense 35034.00 Number Of Separate Electric Meters 7 Number Of Separate Gas Meters 7 Number Of Separate Water Meters 1 Number Of Units Leased 6 Operating Expense 61913.00 Operating Expense Percent 31.67 Pest Control Expense 350.00 Professional Management Expense 9774.00 Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays ElectricityGas Total Actual Rent 15556.00 Total Expenses 61913.00 Trash Expense 1894.00 Vacancy Allowance 5600 Vacancy Allowance Rate 3.00 Water Sewer Expense 1894.00 Water Source Public Year Built Source Public Records Zoning Smr2*

    Listing provided courtesy of Nico Rosmarin of Lyon Stahl Investment Real Estate, Inc. and Albert Corey Rasmussen of Lyon Stahl Investment Real Estate, Inc.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-10-19T21:34:50.66. 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 deemed reliable but is not guaranteed accurate by the MLS or Naylor Properties | RE/MAX Estate Properties. Licensed in the State of California, USA.
     
    Naylor Properties | RE/MAX Estate Properties
    63 Malaga Cove Plaza
    Palos Verdes Estates CA, 90274