911 Lincoln Boulevard

911 Lincoln Boulevard, Santa Monica, CA 90403

Sale Price

$5,600,000

Investment Overview

Units

10

Year Built

1958

The Offering

Stepp Commercial presents 911 Lincoln Boulevard, located north of Wilshire Boulevard in prime Santa Monica, only one block south of prestigious Montana Avenue. Tenants can enjoy close proximity to Santa Monica beaches, as well as shopping, dining and nightlife on Third Street Promenade and Main Street.

The desirable unit mix consists of (2) two-bedroom/one-bathroom and (8) one-bedroom/one-bathroom units. Some units offer private garage parking and have been updated with stainless steel appliances, quartz countertops and custom cabinetry. All units have spacious floorplans, dishwashers and lots of natural light.

With 22% upside potential in rents, this property offers investors a value-add opportunity for future rent growth.

Investment Highlights

  • Located north of Wilshire Boulevard in prime Santa Monica
  • One block south of prestigious Montana Avenue
  • ±22% upside potential in rental income
  • 3.5% cap rate with current rents; 4.9% cap rate with rents at market
  • Priced at only 17.84 x current rents; 14.2 x market rents
  • ±6.7% cash-on-cash return with rents at market and 3.8% cash-on-cash
    return with current rents