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Home For Sale

Picture of Home For Sale in Santa Monica, California, United States

$4,000,000

817 12th St
Santa Monica, California, United States

24bd 18ba

Listed By: Realtyww Info

Listed On: 06/17/2023

Listing ID: GL10036263 View More Details

Description

Proudly presenting 817 12th Street, a unique multifamily investment opportunity nestled in Santa Monica's coveted Montana neighborhood. With a diverse unit mix of two 3-bedroom 2-bath, five 2-bedroom 1.5-bath, and four 2-bedroom 1-bath residences, this 11-unit building effortlessly caters to a broad tenant base. Located mere steps from the vibrant retail strip of Montana Avenue and surrounded by top-tier schools, 817 12th Street presents an unbeatable combination of affordability, premier location, and impressive growth potential. The property's unique value proposition includes the delivery of four vacant units - two elegantly renovated and two awaiting creative transformation, providing a clear path to value-add. Moreover, the property's current units with 30% AMI deed restricted affordability housing status applying to all units, enables a more accessible entry point for investment while still offering substantial cash flow upside, particularly in tandem with the Section 8 program. The potential to incorporate multiple Accessory Dwelling Units (ADUs) by converting existing garages and storage spaces, which may not bound by the deed restriction, provides an immediate opportunity for significant equity appreciation. Ample parking arrangements, with 15 off-street spaces including garages and open spaces, enhance tenant appeal. Santa Monica, an epicenter for high-tech, entertainment, and creative industries, is home to renowned companies like Hulu, Google, and Snapchat, providing a stable employment base for prospective tenants. Add to this the city's coastal charm, outdoor lifestyle, and its reputation as a cultural hub, and this property emerges as a high-performing asset in a robust rental market.

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Listed by: Realty Investment Advisors, Inc.
Source: The World Property Journal

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