Jay Hofstadter - Commercial Real Estate Showcase

Jay Hofstadter Property Listings
Jay Leslie Hofstadter
1445 Miller Way
Los Angeles, CA 90025
(310) 440-0523

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:$5,188,000 Price/Unit:$471,636.36 Cap Rate:- GRM:-

Parking:1.06 Parking Spaces / 1,000 SF

Sale Notes:
This well-maintained 2-story,11-unit garden-style apartment building in a prime location is a great investment. Most units have been renovated or remodeled, and recent building improvements include new deck coating, exterior paint and garage doors.

The unit mix consists of eight 1+1 units and three 2+1 units, all single-level, all with guest and linen closets and storage cabinets above the wardrobe closet. One of the 2+1 units has a private patio. Rents on the 1+1 units range from $714.77 - $2,400, and those on the 2+1 units range from $872.77 - 2,800. Each is individually metered for gas and electricity, with tenants responsible for those utilities. The landlord pays for water and trash.

Market rents on the are conservatively estimated to be $2,250 - $2,400 on the 1+1's and $2,700 - $2,900 on the 2+1's. Currently available units in the area go for considerably above those rates. The upside in rent is conservatively estimated to be $92,647.32 annually (39.2%), including 3% for an upcoming vacancy. The community laundry room has a washer and dryer, both owned. There's potential additional income by separately renting the garages as their units become available.
The property is located in a desirable residential neighborhood of Santa Monica where the rental market for the area is strong. Surrounding and nearby properties consist of condominium and apartment buildings, as well as an assisted living facility.

The property is located less than a block south of Wilshire Boulevard, with a variety of upscale stores, shops, restaurants, theaters and other entertainment options within walking distance of the subject properly. Santa Monica Seafood, Huckleberry Café, El Cholo and The Performing Arts Center / Broad Stage are all around the corner, and it is close to the Third Street Promenade, Santa Monica Pier, and local beaches.

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).


Jay Leslie Hofstadter
Jay Hofstadter
(310) 440-0523

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