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1224 9th St
Santa Monica, CA 90401
Gardens · Multifamily Property For Sale
·
10 Units
Investment Highlights
- Located Near Lincoln Blvd and Wilshire Blvd. Walk Score is 100 out of 100
- Ten (10) One Bedroom/One Bathroom units with On-Site Parking
- Approximately 38% Rental Upside Potential
Executive Summary
1224 9th St is a newly listed 10 unit multifamily opportunity in the heart of Santa Monica, positioned one block from the intersection of Wilshire Blvd and Lincoln Blvd. The property consists of (10) 1 Bed/1 Bath units spread across approximately 6,380 square feet, situated on a 7,493 square foot lot zoned SMR3. Current rents average well below market, reflecting approximately 38% upside as units turn. The property is 90% occupied and features nine on-site parking spaces, four covered carport spaces in front and five in the rear accessed from the alley, a highly valuable amenity in a neighborhood where off-street parking is limited and consistently in demand.
The property boasts a Walk Score of 100 out of 100, placing residents within steps of Wilshire Blvd’s dining, retail, and everyday conveniences, and just minutes from Downtown Santa Monica and the Pacific Ocean. These attributes position 1224 9th St as a rare opportunity to acquire a stable, income-producing asset in one of the Los Angele's prime submarkets.
The property boasts a Walk Score of 100 out of 100, placing residents within steps of Wilshire Blvd’s dining, retail, and everyday conveniences, and just minutes from Downtown Santa Monica and the Pacific Ocean. These attributes position 1224 9th St as a rare opportunity to acquire a stable, income-producing asset in one of the Los Angele's prime submarkets.
Property Facts
| Price Per Unit | $260,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 5% | Building Size | 6,380 SF |
| Gross Rent Multiplier | 12.13 | Average Occupancy | 90% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1957 |
| Property Subtype | Apartment | Parking Ratio | 1.41/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | SMR3* | ||
| Price Per Unit | $260,000 |
| Sale Type | Investment |
| Cap Rate | 5% |
| Gross Rent Multiplier | 12.13 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 6,380 SF |
| Average Occupancy | 90% |
| No. Stories | 2 |
| Year Built | 1957 |
| Parking Ratio | 1.41/1,000 SF |
| Zoning | SMR3* |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 10 | $1,786 | 638 |
Property Taxes
| Parcel Number | 4282-009-005 | Improvements Assessment | $751,614 |
| Land Assessment | $1,844,883 | Total Assessment | $2,596,497 |
Property Taxes
Parcel Number
4282-009-005
Land Assessment
$1,844,883
Improvements Assessment
$751,614
Total Assessment
$2,596,497
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