$5,125,000 Price Analysis   ♡   Santa Monica, CA 90403 24 bed 18 bath 10,639 SqFt ($481/SqFt) 7,496SqFt lot. Built 1966 Listed 2024-02-15, Taxes $67,214 | Ⓧ USDA Ineligible due to price & location near Santa Monica |
With its phenomenal location south of Montana Avenue
The 12th Street Apartments is a fantastic reposition opportunity. There are currently 4 vacant apartments that can be renovated and rented shortly after closing. With ample parking, an oversized lot and 12 short blocks from Inspiration Point and Palisades Park, this property is ripe with options. Please note there i s a deed restriction on the existing 11 units with the City of Santa Monica requiring units to be rented to 30% AMI Households.
However, Sectin 8 program tenants qualify and this allows for the units to be rented close to market with the the Section 8 program paying the bulk of their rent. (Buyer to independently verify.) Importantly there is also the potential to add multiple non-rent-restricted ADUs given the garages located both in front and back of the building. The property is currently on the City of Santa Monica soft-story retrofit list and completion of the soft-story retrofit can occur concurrently with the ADU construction. Buyer to verify all of the above with the City of Santa Monica. (Please note the retofit due date was September 2023, per the Citys website.)
Presented by Warren Berzack at
Lee & Associates.
Property MLS #SR24031982 from CRMLS
Garage Spaces: 6
Parking Features: Parking YN: Yes, Parking Features: Assigned
Parking Total: 16
Lot Size Acres: 0.1720845
Lot Size Source: Assessor
Lot Size Square Feet: 7496
Bedrooms in Unit-1: 2
Bedrooms in Unit-2: 2
Bedrooms in Unit-3: 3
Total Bathrooms in Unit-1: 1
Total Bathrooms in Unit-2: 2
Total Bathrooms in Unit-3: 2
Maintenance Expense: 15959.00
Rent Control: Yes
County: Los Angeles
Cap Rate: 4.02
Source Property Type: Residential Income
Insurance Expense: 5500.00
Area: C14 - Santa Monica
Source Neighborhood: C14 - Santa Monica
New Taxes Expense: 64063.00
Number of Separate Electric Meters: 12
Number of Separate Gas Meters: 12
Number of Separate Water Meters: 1
Parcel Number: 4281016017
Pest Control Expense: 600.00
Postal Code Plus 4: 5972
Trash Expense: 3000.00
Zoning: SMR2
Source System Name: C2C
| Year | Assessments Building + Land Total | Tax |
|---|---|---|
| 2022 | $1,673,277 + $3,904,315 $5,577,592 | $67,214 |
| 2021 | $1,640,468 + $3,827,760 $5,468,228 | $65,594 |
| 2020 | $1,623,648 + $3,788,512 $5,412,160 | $65,152 |
| 2019 | $1,591,812 + $3,714,228 $5,306,040 | $64,526 |
| 2018 | $1,560,600 + $3,641,400 $5,202,000 | $60,700 |
| 2017 | $1,530,000 + $3,570,000 $5,100,000 | $60,425 |
| 2016 | $302,367 + $146,817 $449,184 | $6,721 |
| 2015 | $297,826 + $144,612 $442,438 | $6,640 |
| 2014 | $291,992 + $141,780 $433,772 | $6,643 |
| 2013 | $290,673 + $141,140 $431,813 | $6,605 |
| 2012 | $284,974 + $138,373 $423,347 | $6,478 |
| 2010 | $279,387 + $135,660 $415,047 | $6,312 |
| 2009 | $277,958 + $134,967 $412,925 | $6,164 |
| 2009 | $277,299 + $134,647 $411,946 | $6,164 |
| 2008 | $272,508 + $132,321 $404,829 | $6,056 |
| 2007 | $267,165 + $129,727 $396,892 | $5,925 |
$5,125,000
CRMLS
Listed 2024-02-15
$5,295,000
CRMLS
Listing removed 2023-09-12
$0
TheMLSCLAW
Listed 2023-06-16
$4,000,000
TheMLSCLAW
Sold 2016-06-03
$5,000,000
Public Record
Year Built: 1966
Building Features: 1
Common Walls: 2+ Common Walls
Entry Level: 1
Entry Location: 1
Property Age: 58
Property Attached: Yes
Building Total Stories: 3
Structure Type: Apartment
Year Built Source: Assessor
Sewer: Sewer: Public Sewer, Water Sewer Expense: 7000.00
Water Source: Public
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.