Marcus & Millichap is pleased to present 1844 18th Street, a 5-unit (plus 1 non-conforming unit) multifamily property in Santa Monica, California. Located just one block from Santa Monica College, the building offers an excellent unit mix of 1 two-bedroom/one-bathroom SFR (in the front of the property), 3 two-bedroom/one-bathroom units, 1 one-bedroom/one-bathroom unit and 1 non-conforming studio/one-bathroom unit. The 4,331 square foot building sits on a 7,745 square foot SMR2 zoned lot. Improvements to the property include central heat/ac, updated kitchen (front house), partial copper plumbing, newer roof and new windows. All units (except the non-conforming studio) have their own washer/dryer. While the current owner has done an excellent job of maintaining the asset, there is still a tremendous amount of upside in rents.
Santa Monica has long been considered one of the most desirable rental submarkets in Los Angeles, with occupancy rates consistently above 97%. The property has great walkability, located just 1 block from Santa Monica College, 4 blocks from the 17th Street/SMC Metro Station, and is in close proximity to coffee shops, retail, restaurants, cafes and bars. The property provides easy access to the 10 freeway and is in close proximity to major employers in the entertainment, tech and hospitality sectors.
