Thank you
Warren Berzack
Lee & Associates
818-986-9800
With its phenomenal location just south of Montana Avenue, the 12th Street Apartments is a fantastic reposition opportunity. There are currently 4 vacant apartments that can be renovated and rented shortly after closing. With ample parking, an oversized lot, and just 12 short blocks from Inspiration Point and Palisades Park, this property is ripe with options. Please note there is a deed restriction on the existing 11 units with the City of Santa Monica requiring units to be rented to 30% AMI Households. However, Section 8 program tenants qualify and this allows for the units to be rented close to market with the the Section 8 program paying the bulk of their rent. (Buyer to independently verify.) Importantly there is also the potential to add multiple non-rent-restricted ADUs given the garages located both in front and back of the building. The property is currently on the City of Santa Monica soft-story retrofit list and completion of the soft-story retrofit can occur concurrently with the ADU construction. Buyer to verify all of the above with the City of Santa Monica. (Please note the retofit due date was September 2023, per the City’s website.)
Sell a home like this and save $307,001 Find Out How
Water Source : Public
Sewer : Public Sewer
Year Built: 1966
Building Area Total: 10,639
None
Common Area
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.1721
Lot Size Source: Assessor
Lot Size Square Feet: 7496
Original List Price: 5,125,000
Listing Contract Date: 2024-02-13
Listing Agreement: Exclusive Right To Sell
Parcel Number: 4281016017
Garage Description: Assigned
Lease Term: Negotiable
Tenant Pays: None
Source Listing Status: Active
Source Neighborhood: C14 - Santa Monica
Postal Code Plus 4: 5972
Directions: Montana and 12th Street
Zoning: SMR2*
Source Property Type: Residential Income
Area: C14 - Santa Monica
Property SubType: Apartment
Property Age: 58
Common Walls: 2+ Common Walls
Structure Type: Apartment
Year Built Source: Assessor
Entry Level: 1
Entry Location: 1
Property Attached: Yes
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
1040 4th Street #112, Santa Monica, CA,90403 | $699,900 | 1 | -- | 1,043 | 30025 Sqft |
1128 15th Street #6, Santa Monica, CA,90403 | $1,675,000 | 2 | 2 | 1,669 | 7506 Sqft |
825 Ocean Avenue, Santa Monica, CA,90403 | $7,999,000 | 20 | 20 | 6,593 | 11257 Sqft |
825 Ocean Avenue, Santa Monica, CA,90403 | $7,999,000 | -- | -- | -- | 11257 Sqft |
135 Montana Avenue #1BD.., Santa Monica, CA,90403 | $5,800 | 1 | 1 | 670 | 14998 Sqft |
1019 6th Street, Santa Monica, CA,90403 | $4,450,000 | 13 | -- | 7,764 | 7496 Sqft |
101 California Avenue #.., Santa Monica, CA,90403 | $899,000 | 1 | 1 | 674 | 18751 Sqft |
930 15th Street #3, Santa Monica, CA,90403 | $3,535,000 | 3 | 3 | 2,781 | 7511 Sqft |
930 15th Street #2, Santa Monica, CA,90403 | $3,570,000 | 3 | 3 | 2,704 | 7511 Sqft |
519 California Avenue #.., Santa Monica, CA,90403 | $1,478,000 | 2 | 2 | 1,266 | 11228 Sqft |
Copyright © 2024 by the Multiple Listing Service of the California Regional MLS®. This information is believed to be accurate but is not guaranteed. Subject to verification by all parties. This data is copyrighted and may not be transmitted, retransmitted, copied, framed, repurposed, or altered in any way for any other site, individual and/or purpose without the express written permission of the Multiple Listing Service of the California Regional MLS®. Information Deemed Reliable But Not Guaranteed. Any use of search facilities of data on this site, other than by a consumer looking to purchase real estate, is prohibited.
ByOwner last updated this listing 05/16/2024 @ 05:13
MLS: SR24031982
LISTED BY: Warren Berzack, Lee & Associates
SOURCE: CRMLS
Buyer Agency Compensation: 2%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.