1814 9th Street

1814 9th Street, Santa Monica, CA 90405

Sale Price

$2,700,000

Investment Overview

Units

6

Year Built

1963

Price Per SF

$379

Price Per Unit

$450,000

Current Cap Rate

2.60%

Market Cap Rate

6.70%

Current GRM

19.43

Market GRM

10.45

The Offering

1814 9th Street is a 6-unit investment asset located in prime Santa Monica. The property consists of a unique unit mix of one (3 BD/2.5 BA); four (2 BD/ 1.5 BA); and one (2 BD / 1 BA).

All units are bright and spacious with large private patios and balconies. Five of the units are townhouse-style. Unit 3 has been updated with new appliances, flooring , fixtures and paint.

Onsite laundry facilities provide income currently and five garages may provide additional income. Seismic retrofitting for the building has been completed, and copper water supply lines have been installed.

The property is in close proximity to the beach, Third Street Promenade and employment opportunities with a plethora of media and technology companies within a three-mile radius.

On the market for the first time since 1977, 1814 9th Street a well-maintained asset with large, townhouse-style units that provides a new owner with ±87% rental upside potential. A new buyer also has an Owner-User opportunity to occupy the 3 BD / 2.5 BA front-facing townhouse unit with shared garage.

Investment Highlights

Sizable Two and Three Bedroom Apartment Homes*

Large Private Patios and Balconies

Five Garages Offer Potential for Additional Income

Close Proximity to the Beach, Santa Monica Pier & Third Street Promenade

First Time on Market Since 1977

±87% Rental Upside Potential

Owner-User Opportunity to Occupy the 3 BD/2.5 BA Townhouse Front Unit w/ Shared Garage