NOT LISTED FOR SALE
21 Beds
23 Baths
15,554 Sq Ft
0.31 Acres

Last Sold March 17, 2022

Last sale price $7,500,000 $482 Per Sq Ft

2 Days on Market

Highlights

  • 2 Car Attached Garage
  • Built-In Features
  • Gated Home
  • Franklin Elementary School Rated A+
  • Forced Air Heating System

About This Home

As of March 2022

Rare opportunity to acquire an exceptional 10-unit courtyard building on an oversized lot in prime Santa Monica. Located on a tree-lined street just south of Montana Ave, this well-performing property is just a few blocks from the city's most desirable shopping and dining, and within the coveted Franklin School district. The apartments are unusually large, each with in-unit laundry, and most with spacious outdoor spaces. Several units feature renovated kitchens and baths. In addition to the 10 residences, the property includes 3 offices that provide additional rental income as well as the potential to develop ADUs without sacrificing any of the building's 15 parking spaces. A 2800 sqft owners unit includes a private direct entry garage. This property has been lovingly maintained by the same family for 60+ years. THREE LARGE UNITS AND ONE OFFICE WILL BE DELIVERED VACANT AT CLOSE OF ESCROW, allowing the new owner to rent those units at market rates, while still enjoying an additional 25% upside in rental income when other tenants vacate. No seismic retrofit required. EMAIL LISTING AGENT FOR OFFERING MEMORANDUM. Do not disturb tenants or walk the property without an appointment with listing agent.

Last Agent to Sell the Property

Gary Barkin

Compass License #01838791 Listed on: 02/16/2022

Compass

Co-Listed By

Haya Handel

Compass License #02007200

Last Buyer's Agent

Jonathan Taksa

Remax Commercial and Investment Realty License #01366169

Remax Commercial and Investment Realty

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1941

Lot Details

  • 0.31 Acre Lot
  • Gated Home

Parking

  • 2 Car Attached Garage
  • 13 Carport Spaces
  • Assigned Parking

Interior Spaces

  • 15,554 Sq Ft Home
  • Built-In Features

Kitchen

  • Oven or Range
  • Dishwasher
  • Disposal

Bedrooms and Bathrooms

  • 21 Bedrooms
  • 23 Bathrooms

Laundry

  • Laundry in unit
  • Dryer
  • Washer

Home Security

  • Security Lights
  • Carbon Monoxide Detectors
  • Fire and Smoke Detector

Utilities

  • Forced Air Heating System
  • Gravity Heating System
  • Cable TV Available

Community Details

  • 10 Units

Listing and Financial Details

  • Assessor Parcel Number 4277-006-002

Property Details

Home Type

Multi-Family

Year Built

Built in 1941

Lot Details

0

Parking

2

Listing Details

  • Property Type: Residential Income
  • Street Number Display: Yes
  • Advertising Remarks: Rare opportunity to acquire an exceptional 10-unit courtyard building on an oversized lot in prime Santa Monica. Located on a tree-lined street just south of Montana Ave, this well-performing property is just a few blocks from the city's most desirable shopping and dining, and within the coveted Franklin School district. The apartments are unusually large, each with in-unit laundry, and most with spacious outdoor spaces. Several units feature renovated kitchens and baths. In addition to the 10 residences, the property includes 3 offices that provide additional rental income as well as the potential to develop ADUs without sacrificing any of the building's 15 parking spaces. A 2800 sqft owners unit includes a private direct entry garage. Nos seismic retrofit required. 3 LARGE UNITS AND 1 OFFICE WILL BE DELIVERED VACANT AT CLOSE OF ESCROW. EMAIL LISTING AGENT FOR OFFERING MEMORANDUM.
  • Living Area: 15554
  • Lot Acreage: 0.3124
  • Year Built: 1941
  • Number Of Photos: 46
  • State Abbrv: CA
  • Special Features: None
  • Property Sub Type: MultiFamily
  • Stories: 0

Interior Features

  • Bedrooms: 21
  • Laundry: In Unit
  • Total Bathrooms: 23.00
  • Equipment: Built-Ins, Dishwasher, Garbage Disposal, Hood Fan, Range/Oven, Washer, Dryer, Refrigerator, Cable
  • Price Per S Q F T: 466.12

Exterior Features

  • Other Structures: None

Garage/Parking

  • Carport Spaces: 13
  • Garage Spaces: 2
  • Covered Parking: 15
  • Parking Garage: Garage, Carport, Assigned, Attached
  • Total Parking: 15

Utilities

  • Heating: Forced Air, Gravity
  • Security: Carbon Monoxide Detector(s), Gated, Smoke Detector, Exterior Security Lights

Schools

  • School District: Santa Monica-Malibu Unified School District

Lot Info

  • Assessed Improvement Percent: 65.76
  • Assessed Improvement Value: 570002
  • Assessed Land Percent: 34.24
  • Assessed Land Value: 296733
  • Total Assessed Value: 866735
  • Assessor Parcel Number: 4277-006-002
  • Lot Size Area: 13610

Multi Family

  • Unit Type: 2106, 2107, 2108, 2109
  • Gross Rent Multiplier: 17.02
  • Number Of Units: 10
  • Total Annual Expense: 144173
  • Type Of Units: Apartments
  • Vacancy Rate: 2%

MLS Schools

  • School District: Santa Monica-Malibu Unified School District

Range of Values:

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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Property History

Date Event Price Change Sq Ft Price
03/17/2022 03/17/22 Sold $7,500,000 +3.4% $482 / Sq Ft
02/18/2022 02/18/22 Pending -- -- --
02/16/2022 02/16/22 For Sale $7,250,000 -- $466 / Sq Ft
Source: The MLS

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

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Map

Source: The MLS

MLS Number: 22-127785

The MLS