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The Warburton Team Brokered By EXp

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

$4,075,000

Est. payment - /mo

7,492 Sqft Lot

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Key Details

Property Type Other Types

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID SR26204863

HOA Y/N No

Year Built 1956

Lot Size 7,492 Sqft

Property Sub-Type Apartment

Property Description

The Fifth & Montana is a 10-unit multifamily property located at 848 5th Street in Santa Monica's Wilshire-Montana neighborhood, approximately one block south of Montana Avenue. The property offers strong in-place income, 12 parking spaces for 10 units, and approximately 11.8% rental upside. Current NOI is estimated at approximately $225,450, with a 5.53% current cap rate. At market rents, projected NOI is approximately $263,211 with a projected 6.46% market cap rate.

Built in 1956, the two-building property comprises approximately 7,192 square feet on an approximately 7,492-square-foot lot. The unit mix includes three studios, six one-bedroom units, and one three-bedroom, three-bath unit. Parking consists of seven subterranean spaces and five rear alley garage spaces, providing approximately 1.2 spaces per unit.

Six of the ten units have undergone renovations, including three remodeled since 2024. Additional improvements include a roof overlay completed in early 2024, Vulkem deck work completed in 2023, recent exterior painting, and staircase improvements. Select units feature updated kitchens and baths, stainless steel appliances, hardwood-style flooring, exposed-beam ceilings, and outdoor space. The property also includes a dedicated laundry room and landscaped common areas.

The location offers proximity to Montana Avenue's restaurants, retailers, cafes, boutiques, and services, as well as Palisades Park, the Santa Monica coastline, Downtown Santa Monica, Third Street Promenade, and Santa Monica Place. The property has a 95 Bike Score®—Biker's Paradise and an 84 Walk Score®—Very Walkable.

Nearby healthcare, education, technology, and entertainment employers contribute to a diverse Santa Monica employment base. ZIP Code 90403 reports a median household income of approximately $122,000, providing additional economic context for the surrounding Santa Monica rental market.

Location

State CA

County Los Angeles

Area C14 - Santa Monica

Interior

Fireplace No

Laundry Common Area

Exterior

Parking Features Underground, Garage

Garage Spaces 5.0

Garage Description 5.0

Pool None

Community Features Urban

Total Parking Spaces 12

Private Pool No

Building

Lot Description Rectangular Lot

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 4292016010

Acceptable Financing Cash, Cash to New Loan, Conventional, Contract

Listing Terms Cash, Cash to New Loan, Conventional, Contract

Special Listing Condition Standard

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Listed by Raymond Rodriguez Equity Union 818-581-5829, DRE #01402283

NEARBY SCHOOL & BUSINESS

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848 5th ST Santa Monica, CA 90403