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The Warburton Team Brokered By EXp

andreww@gowpnow.com +1(626) 630-2141

$5,485,000

Est. payment - /mo

7,496 Sqft Lot

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UPDATED:

Key Details

Property Type Other Types

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID SB26194031

HOA Y/N No

Year Built 1958

Lot Size 7,496 Sqft

Property Sub-Type Apartment

Property Description

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 $5,485,000, the property generates a compelling 5.39% current cap rate and 13.07 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 6.69% cap rate and 11.03 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

State CA

County Los Angeles

Area C14 - Santa Monica

Interior

Fireplace No

Appliance Dryer, Washer

Laundry Common Area, In Garage, In Kitchen, Outside, Upper Level

Exterior

Parking Features Covered, Tandem

Carport Spaces 13

Pool None

Community Features Biking, Curbs, Dog Park, Golf, Suburban, Sidewalks

Total Parking Spaces 13

Private Pool No

Building

Lot Description 11-15 Units/Acre

Story 2

Sewer Public Sewer

Water Private

New Construction No

Others

Senior Community No

Tax ID 4292011018

Acceptable Financing Conventional

Listing Terms Conventional

Special Listing Condition Standard

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Listed by Cameron Samimi Lyon Stahl Investment Real Estate, Inc. 310-259-7556, DRE #02035763

NEARBY SCHOOL & BUSINESS

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1017 5th Santa Monica, CA 90403