1323 11th St Santa Monica, CA 90401-2027
- Apartment buildings
- 7,098 SF
- 0.17 lot acres
Current Use by Public Records
- Ametros Pharmaceutical / Pharmaceutical Company
Property Details for 1323 11th St
- Year built
- 1958
- Construction
- WOOD
- Lot size
- 0.17 lot acres
- Property size
- 7,098 SF
- Zone code
- SMR3*
- Property type
- Apartment buildings
- APN
- 4282-013-018
- APU
- 4282013018
Description
This exceptional 10-unit apartment building, located at 1323 11th Street in Santa Monica, CA 90401, presents a compelling investment opportunity. Built in 1958, this two-story building sits on a 7,485 square foot lot and boasts a total of 7,098 square feet. The property features a mix of seven one-bedroom and three two-bedroom units, with 80% of the units recently renovated. Upgrades include new flooring, remodeled kitchens with modern quartz countertops and stainless-steel appliances, and updated bathrooms with modern vanities. The building's strong financial performance is evident in its current NOI of $226,004 and a pro-forma NOI of $266,871, translating to a 4.71% cap rate and a pro-forma cap rate of 5.56%. The asking price is $4,800,000, or $480,000 per unit, and the property is zoned SMR3*. Its prime location between Santa Monica Boulevard and Wilshire Boulevard offers residents easy access to the 3rd Street Promenade and major transportation arteries, including the 10 Freeway. Importantly, the required seismic retrofit work has already been completed, eliminating a significant capital expenditure for the new owner. This low-maintenance asset presents a rare opportunity to acquire a renovated apartment building in a highly desirable coastal market with potential for further value-add. The property's strong income stream, coupled with its prime location and recent renovations, makes it an attractive investment for discerning buyers. The remaining 20% of units offer an opportunity to increase the property's value and rental income.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $250,000
Get a detailed, property-specific valuation — fast and free
Location Insight
- Map
- Local Demand
- City
- Santa Monica
- County
- Los Angeles
- State
- California
- Longitude
- -118.489
- Latitude
- 34.0228
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
