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1336 Franklin Street

1336 Franklin Street,Santa Monica, CA 90404

6

Unit

$2,960,000

Price

Property Details

Price Per Unit

$493,333

Price per SF

$577

Current Cap Rate

4.5%

Market Cap Rate

5.5%

Current GRM

14.6

Market GRM

12.6

1336 Franklin Street

1336 Franklin Street,Santa Monica, CA 90404

$2,960,000

Price

Property Details

Price per SF

$577

Price Per Unit

$493,333

Price per SF

$577

Current Cap Rate

4.5%

Market Cap Rate

5.5%

Unit

6

Current GRM

14.6

Market GRM

12.6

Description

Stepp Commercial presents 1336 Franklin Street, a six (6) unit investement asset in Prime Santa Monica. The property consists of four (4) 2BD/1BA units and two (2) 1
BD/1BA units. Three (3) of the units may be delivered vacant.
Onsite laundry facilities and eight (8) storage spaces provide current income. Three (3) garages offer the potential for ADU conversion and additional rental income.

CLOSE TO EMPLOYMENT & EDUCATION The property is ideally located in the center of highly desirable Westside. A plethora
of world class entertainment, media and technology companies are located within just a one-mile radius, including Hulu, Riot Games, Snapchat and Oracle.
In May of 2022, Amazon announced it would lease 200,000 square feet of space at thenearby Water Garden to support its retail, games and web services divisions.
Santa Monica College, a popular choice for students looking to transfer to Univerity of California and with a student population of 30,000, is located less than one half-mile away.

EXTREMELY WALKABLE LOCATION
With a Walk Score of 92, the property provides easy, walkable access to all amenities for daily errands. The building is just blocks from Whole Foods Market, coffee shops, world class restaurants, retail and outdoor recreation areas.

WELL-PRICED OWNER/USER OPPORTUNITY Priced at 4.5% cap rate and 14.6 GRM on current income, this property provides a new buyer with an excellent value-add opportunity for future rent growth and appreciation.

Highlights

  • Prime Santa Monica Location
  • (4) 2BD/1BA Units and (2) 1BD/1BA Units
  • On-Site Laundry & Storage Providing Income
  • Potential to Convert (4) Garages to ADUs
  • (3) Units Delivered Vacant
  • Owner-User Potential
  • 4.5% Cap Rate with Current Income
  • Priced at Only 14.6 x Gross

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