Description

911 Lincoln Boulevard Santa Monica, CA 90403

Price: $4,300,000
Units: 10
Year Built: 1958
Size: ± 8,076
Current Cap Rate: 4.0%
Current GRM: 15.9%
Market Cap Rate: 5.8%
Market GRM: 11.9
GRM: 15.9
Price per Unit: $430,000

Stepp Commercial presents The Suites on Lincoln, 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 33% upside potential in rents, this property offers investors a value-add opportunity for future rent growth.