917 6th Street

917 6th Street, Santa Monica, CA 90403

Sale Price

$5,500,000

Investment Overview

Units

11

Year Built

1960

Price Per SF

$558

Price Per Unit

$500,000

Current Cap Rate

3.0%

Market Cap Rate

5.4%

Current GRM

20.0

Market GRM

13.0

The Offering

917 6th Street is an 11-unit investment asset located in prime Santa Monica, north of Wilshire Boulevard. The property consists of a desirable mix of four 2BD/1.5BA units and (7) 1BD/1BA units.

All units are bright and spacious – five renovated with beautiful modern fixtures and finishes. Onsite laundry facilities provide income currently and ample parking of 12 parking spaces may provide additional income.

The building has been updated with a new roof, new windows, updated electrical system, and mostly copper plumbing.

External upgrades include new paint, new fence/security gate and drought-tolerant landscaping, creatiing attractive curb appeal. Seismic retrofitting has been completed.

Located in one of the most desirable rental areas in Santa Monica, north of Wilshire Boulevard, just two blocks from the shopping and dining amenities along Montana Avenue. The property is in close proximity to the beach, 3rd Street Promenade and employment opportunities with a plethora of media and technology companies within a 3-mile radius.

Investment Highlights

  • First Time on Market in Over 60 Years
  • Prime Santa Monica Location North of Wilshire
  • Walk to Montana Avenue Shopping & Dining
  • Excellent Mix of Bright, Spacious Units: (4) 2BD/1.5BA & (7) 1BD/1BA
  • 5 Units Renovated with Modern Fixtures & Finishes
  • New Roof, Updated Electrical System & Mostly New Copper Plumbing
  • New Exterior Paint, Electrical Security Gate & Landscaping
  • Seismic Retrofitting Completed
  • ±54% Rental Upside Potential