1127 16Th StSanta Monica, CA 90403

Property Details for 1127 16Th St

Year built

1958

Construction

WOOD

Lot size

0.17 AC

Property size (Sq ft)

6,768 SF

Zone code

SMR2*

Property type

Apartment buildings

APN

4281-004-018

APU

4281004018

Description

This Class A, six-unit apartment building at 1127 16th Street in Santa Monica, California, presents a compelling investment opportunity. The property boasts five currently rented two-bedroom units, with rents on three units already reflecting a 3% increase effective September 1, 2024. An additional vacant two-bedroom, two-bathroom unit features beautiful hardwood floors and a spacious balcony overlooking a serene greenbelt. The building offers desirable amenities including on-site laundry and gated entry, enhancing resident appeal and security. Its location north of Wilshire Boulevard in Santa Monica places it in a highly sought-after area. The property's lush landscaping creates a tranquil atmosphere, shielding residents from typical urban distractions. The vacant unit presents potential for immediate rental income generation upon lease-up, and the property's zoning may allow for the exploration of Accessory Dwelling Unit (ADU) development, offering further upside potential. The asking price for this exceptional multifamily property is $2,800,000. This presents a rare chance to acquire a well-maintained, income-producing asset in a highly desirable California coastal location. Serious inquiries are encouraged to explore this promising investment opportunity.

• CAP approach

  CAP return

  Valuation

  6%

  $2,069,318

  6.5%

  $1,910,139

  7%

  $1,773,701

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,991,338

  Geo Method

  $1,994,854

• Alternative Use

  Use

  Valuation

  Residential

  $1,910,139

  Hospitality

  $1,749,677

  Educational

  $1,455,711

  Medical

  $1,505,775

  Retail

  $2,264,440

Location Insight

City

Santa Monica

County

Los Angeles

State

California

Latitude

34.0293

Longitude

-118.488

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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