$5.10M
1753 9th St, Santa Monica
Sale Price
$5.10M
Units
7
Price/Unit
$728,571
Cap Rate
4.30%
Type
Apartment Building
Closed
October 2021
7 Units | Santa Monica | Turn-Key Property
The LAAA Team of Marcus & Millichap is proud to announce the successful sale of these 7 units located in Santa Monica, California.
Deal Story
This was another off market deal between the same buyer and the same seller as 22 Park Ave, the record breaking sale in Venice that we closed along with this property last week. This is the third deal we have closed in less than 2 months with this one buyer who is looking for fully renovated multifamily properties in "A" locations throughout Los Angeles. If you have any well located, turn-key or nearly turn-key apartment buildings in Los Angeles, please give us a call to see if this buyer would like to give you an offer as well.
Property Overview
This 6,566 SF property sits on a 7,532 SF lot and features 7 units that were built in 1987 and fully renovated in 2019. The property is not subject to any local rent control, but it is subject to California's new AB-1482 where the landlord can raise rents annually by 5% + CPI. The subject property consists of an attractive mix of three and two-bedroom units. Nearby schools include Santa Monica High School, Step By Step, and PS1 Pluralistic School.
1753 9th Street is located in the peaceful neighborhoods of Santa Monica, with just a short bike ride to Santa Monica Pier and Third Street Promenade. This beautiful building is near Memorial Park, Joslyn Park, and Tongva Park. National Geographic ranked Santa Monica as one of the “Top Ten Beach Cities in the World.”
Closing