Deal numbers

A cap rate estimate is not available for this property yet. Ask Alex for a pro forma using comparable rent data.

Property details

Type

Apartment

Bedrooms

11

Building size

7,494 sqft

Lot size

7,496 sqft

Year built

1958

Stories

2

Garage spaces

0

Pool

None

Status

Active

Days on market

39

MLS #

246744503

About this property

An exceptional opportunity to acquire a meticulously remodeled 11-unit apartment building in one of Santa Monica’s most coveted North of Wilshire locations. 1017 5th Street offers the rare combination of a true trophy-quality location, high-end renovated units and investment returns that are exceedingly difficult to find in prime Santa Monica. Offered at $5,199,000, the property generates a compelling 5.75% current cap rate and 12.39 GRM, providing investors with unusually strong in-place cash flow for an asset of this quality and location. The investment becomes even more compelling on pro forma rents, reaching approximately a 7.13% cap rate and 12.39 GRM, with roughly 19% remaining rental upside. The property has undergone extensive upgrades and features beautifully remodeled, high-end units designed to attract Santa Monica’s premium renter base. This is not a heavy value-add project requiring years of construction, tenant turnover and capital expenditures. The work has largely been done, creating an exceptionally easy-to-own and easy-to-manage asset with strong income from day one.

Location

1017 5th

Santa Monica, Los Angeles, CA, 90403