Marcus & Millichap is pleased to present a charming apartment complex located at 1307 17th Street, in the highly desirable City of Santa Monica. The property features seven (7) unique bungalow-style freestanding one bedroom/one bathroom apartments with no adjoining walls to neighbors. The buildings sit on one and a half lots totaling 11,500 square feet, zoned R-2. Built in 1923, each unit exudes all the character of the area, with hardwood floors, fireplaces and washer/dryer hookups. There are four (4) garages, currently being rented out as storage and one open space, however, there is plenty of street permit parking. The rents are below market with approximately 30+/- percent rental-upside potential. Nearby schools include McKinley Elementary School, Lincoln Middle School and Santa Monica High School, all within one mile of the subject property.
The property is located in an area well served by major streets such as Santa Monica and Wilshire Boulevards, the Interstate 10 Freeway, as well as existing public transportation alternatives including the Expo light rail, with a station close by at 17th Street/Colorado Avenue, a 10 minute walk. There are existing bike lanes and bike share stations are located nearby with a Bike Score of 88. Likewise, this area is a very walkable location with many restaurants, boutique shops and places of entertainment nearby. Most errands can be accomplished on foot with a Walk Score of 88.
This offering will appeal to any investor looking for a well-located Santa Monica property with significant rental upside and potential development as one possible exit strategy.
