Jay Hofstadter - Commercial Real Estate Showcase

Jay Hofstadter Property Listings
Broker
Jay Leslie Hofstadter
12400 Ventura Blvd
Suite 1093
Studio City, CA 91604-2406
(310) 440-0523


DetailMap
1245 10th Street - Santa Monica

Santa Monica, CA 90401-1912 - Mid-City MF Submarket


Property Type:Multi-Family Number of Units:11 Status:Existing Year Built:1960
Stories:2 Building Size:7,512 SF Land Area:.17 AC (7,518 SF)
For Sale Price:$5,099,000 Price/Unit:$463,545.45 Cap Rate:- GRM:-

Parking:1.06 Parking Spaces / 1,000 SF



Sale Notes:
The property is an 11-unit apartment building situated on a 7,517 square-foot lot. It is located in a desirable residential neighborhood of Santa Monica, an incorporated city in the County of Los Angeles. Surrounding and nearby properties consist of condominium and apartment buildings, as well as an assisted living facility. It is located less than a block south of Wilshire Boulevard, with a variety of upscale stores, shops, restaurants, theaters and other entertainment options within easy walking distance: Santa Monica Seafood, Huckleberry, El Cholo and The Broad Stage are in close proximity. The Third Street Promenade, Santa Monica Pier, and local beaches are all nearby, and it has convenient access to the 10 (Santa Monica) and 405 (San Diego) freeways, as well as mass transportation (Big Blue Bus and Metrorail). The surrounding communities are Pacific Palisades to the north, Brentwood and West Los Angeles to the east and Venice to the south. Local hospitals include St. Johns Medical Center, Santa Monica Hospital and UCLA Medical Center. Local colleges include Santa Monica College and the University of California, Los Angeles (UCLA). The rental market for the area is strong.
The property is a mid-century two-story garden-style walk-up apartment building that was built in 1960. The units are well-maintained, and there is little, if any, observed deferred maintenance. The grounds are lushly landscaped.
The unit mix consists of eight 1-bedroom, 1-bathroom units and three 2-bedroom, 1-bathroom units, all single-level, with guest closets, full-height linen closets and storage cabinets above the wardrobe closets. One of the 2+1 units has a private patio. One-bedroom units are estimated to be 600 square feet each, with rents ranging from $722.42 to $2,495. Two-bedroom units are estimated to be 900 square feet each, with rents to range from $882.42 to 2,865.42. Each unit is individually metered for gas and electricity and the tenants are responsible for those utilities. Landlord pays for all water (including hot water) and trash.
Market rents are conservatively estimated to be $2,295, $2,395 and $2,495 on the one-bedroom units, and $3,250 and $3,350 on the two-bedroom units, based upon currently achieved rents in the building or in the area. The upside in rent is therefore estimated to be at least $106,951.68 annually (43.91%). The potential for achieving significant additional income by renting the two private garages and storage bins separately from their respective apartments as those units become available has not been considered in the proforma.
There are two private one-car garages with built-in storage in each, as well as seven parking spaces, consisting of two spaces with tandem parking for four cars and four spaces for single-car parking, with two of the spaces having overhead storage bins. Each of the single spaces and one of each tandem parking are tuck-under. Additionally, a space for loading is utilized for parking by one of the tenants. Additional on-street parking annual permits are available to the tenants from the City of Santa Monica.
There is a community laundry room with one washer and one dryer, both owned.

Jay Leslie Hofstadter
Jay Hofstadter
(310) 440-0523




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