1901 6th Street

1901 6th Street, Santa Monica, CA 90405

Sale Price

$7,200,000

Investment Overview

Units

16

Year Built

1969

Price Per Unit

$450,000

The Offering

Stepp Commercial is proud to present 1901 6th Street Apartments, located only 6 blocks from the ocean, steps from Santa Monica Pier, Third Street Promenade and Main Street restaurants and shops. The courtyard style property is situated on a large corner lot of ±10,195 SF. Property features include an elevator, laundry on-site and community courtyard patio.

This asset offers the investor a rare opportunity to own a value-add apartment asset in a class A location and neighborhood in Santa Monica. 50% of the units have been renovated leaving the remaining units in unrenovated condition and ripe for upgrades.

The desirable unit mix consists of (15) large one-bedroom/one-bathroom and (1) studio/one-bathroom units. The 8 renovated units feature wood flooring, modern light fixtures and ceiling fans in living room, upgraded kitchen (shaker cabinets with quartz countertops), dishwashers, upgraded bathroom, some with dual vanities, and mirrored closet doors. Select units have partial ocean views.

In the past several years, Santa Monica has also become an integral part of Silicon Beach, Los Angeles’ thriving technology, media and entertainment hub. This economic transformation has brought on an increase in a young, affluent, educated population, employed by companies who invest heavily in attracting top-tier talent. With the median home price in the 90405 zip code at nearly $1.7 million (over $969 per square foot), rental demand is strong in this desirable enclave.

Investment Highlights

  •   Incredible Santa Monica location only 6 blocks to the ocean
  •   Short walk to Santa Monica Pier and Main Street restaurants & shops
  •   50% of units have been significantly renovated with custom upgrades
  •   Large corner lot of ±10,195 SF
  •   21 gated parking spaces (16 + 5 tandem)
  •   Priced at only $450K per unit
  •   5.4% cash-on-cash return with rents at market
  •   3% cash-on-cash return with existing rents
  •   3.2% cap rate and 18.3 GRM with existing rents
  •   25% upside potential in rents