1234 Harvard StSanta Monica, CA 90404

Property Details for 1234 Harvard St

Year built

1961

Construction

WOOD

Lot size

0.16 AC

Property size (Sq ft)

5,356 SF

Zone code

SMR2*

Property type

Apartment buildings

APN

4267-006-017

APU

4267006017

Description

This exceptional 6-unit apartment building in Santa Monica presents a compelling value-add investment opportunity. Located at 1234 Harvard St, this meticulously maintained property boasts a prime location steps from Erewhon Market, a premier luxury grocery store. The 5,356 square foot building sits on a 6,988 square foot lot and features a mix of unit sizes: one 1-bedroom/1-bathroom, four 2-bedroom/1-bathroom, and one 3-bedroom/2-bathroom unit. Each unit includes parking, with two units offering balconies and a two-car garage providing potential for conversion into an Accessory Dwelling Unit (ADU). The property's strong performance is reflected in its current NOI of $127,467 and a 4.18% cap rate, with significant upside potential projected at a pro-forma NOI of $212,933 and a 6.98% pro-forma cap rate. Its proximity to major employment centers in West LA and Santa Monica, along with three grocery stores within a half-mile radius, ensures low vacancy and fast turnovers. The property is zoned SMR2 and was built in 1961. The asking price is $3,049,999, representing a price per unit of $508,333.17 and a price per square foot of $569.45. This offering is ideal for a 1031 exchange. Residents enjoy easy access to the beach, Santa Monica Promenade, and Douglas Park, which features a playground and tennis courts. This is a rare chance to acquire a well-maintained property in a highly desirable Santa Monica neighborhood with substantial rental upside. The APN is 4267-006-017.

• CAP approach

  CAP return

  Valuation

  6%

  $1,684,500

  6.5%

  $1,554,923

  7%

  $1,443,857

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,574,631

  Geo Method

  $1,578,670

• Alternative Use

  Use

  Valuation

  Residential

  $1,554,923

  Hospitality

  $1,424,301

  Educational

  $1,185,002

  Medical

  $1,225,756

  Retail

  $1,843,336

Location Insight

City

Santa Monica

County

Los Angeles

State

California

Latitude

34.0365

Longitude

-118.475

CBSA code

31080

CBSA name

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

Property Tax & Assessments

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