1022 Grant St - Apartments FOR SALE


Santa Monica, CA 90405- Sunset Park
$3,950,000 USD
310-625-6656
1022 Grant St, Santa Monica, CA for Sale
$3,950,000 USD
Apartments - FOR SALE
1/12
null | 5.65% Cap Rate

1022 Grant St
Santa Monica, CA 90405
Sunset Park


OVERVIEW

** PLEASE DO NOT WALK PROPERTY **A rare and fully reimagined 6 UNIT MARKET RATE* APARTMENT CHARACTER BUILDING in the heart of Santa Monica's coveted Sunset Park, 1022 Grant Street offers the increasingly difficult-to-find combination of character, extensive renovation and upgrades, private outdoor spaces and impressive market rents. Originally a five-unit property and now enhanced by a newly added 1 bedroom ADU, the property offers 6 residences, many of which feel more like individual homes than apartments. At the heart of the property are 3 highly desirable 2 bedroom bungalow-style residences, each with its own private entrance and with beautifully landscaped front garden spaces and some with patio spaces. Extensively remodeled (with Permits) incorporating a clean, timeless aesthetic, these residences feel like small houses and feature custom cabinetry, Caesarstone countertops, new appliances, wide-plank oak flooring, frameless glass showers with custom tiles and vanity, stacked in-unit washer/dryers and individual HVAC or mini-split systems. Ample double hung windows, mature landscaping and thoughtful separation create exceptionally light, private and inviting residences! Two additional units are positioned above the rear garages, providing separation from the bungalows, while the newly added and oversized 1 bedroom ADU further enhances the property's income and flexibility. 2 private garages are also assigned to the bungalows . Perhaps most compelling, all but one of the residences are leased at impressive market rents, offering the unusual opportunity to acquire a substantially renovated Santa Monica income property without the significant loss-to-lease associated with most Santa Monica and Los Angeles income offerings. Equally compelling for an investor seeking strong, highly desirable rental product or an owner-user looking for a distinctive residence supplemented by meaningful income. Set along a quiet, tree-lined street in one of Sunset Park's most desirable residential pockets, the property is moments from the restaurants, cafes and neighborhood amenities of Ocean Park and minutes from the beach. Beautifully renovated, predominantly market-rent, bungalow-style multifamily properties of this quality are exceedingly difficult to replicate in Santa Monica making 1022 Grant Street a truly rare offering. Call for information and showing.

FOR SALE DETAILS

PRICE

$3,950,000 USD

PRICE/SF

$1,176 USD /SF

# OF UNITS

6

PRICE/UNIT

$658,333

CAP RATE

5.65%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1948

PARKING SPACES

5

LAND DETAILS

LAND ACRES

0.15 AC

LAND SF

6,477 SF

ZONING

SMR2

APN/PARCEL ID

4284-014-004

ASK ABOUT THIS PROPERTY

Jack GranitiPacifica West PropertiesMore Info
310-625-6656

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Jack GranitiPacifica West PropertiesMore Info
310-625-6656

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.