1860 9th St, Santa Monica, CA 90404

Property Description

We are pleased to present a fifteen (15) unit apartment building located at 1860 9th Street in Santa Monica, California. The subject property is located in a prime Santa Monica location just north of Lincoln Boulevard and west of Pico Boulevard. Built in 1955, this property contains an excellent unit mix of one (1) studio / one-bathroom unit and fourteen (14) two-bedroom / one and a half-bathroom units. The property consists of a double-lot with one being zoned commercial. All units face the well-maintained inner courtyard. The units boast a ton of character with lovely tile and wood flooring, tile counters, French doors, antique light fixtures, and other built-in decorative elements. There is shared laundry on-site with newer Maytag high efficiency appliances. This rare, mid-size asset goes street-to-street with eight (8) garage parking spaces off of Lincoln Court, three (3) covered carports with storage spaces above, and seven (7) uncovered interior parking spaces. Most of the storage can be rented for additional income, and there is a private storage room attached to the southern garage. There is great potential to convert the garage spaces into multiple ADU units. Tenants will love living only one (1) mile to Santa Monica Pier, with easy access to major transportation and some of the strongest employment hubs available throughout Los Angeles County. Situated in a prime Santa Monica location, this offering presents an excellent opportunity for any investor to capitalize on the strong initial cash flow coupled with the opportunity to build out multiple ADU(s) with a very favorable loan assumption.