1837 18th St Save Request In-Person Tour Request Virtual Tour
Santa Monica,CA 90404
Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Active Under Contract
Purchase Type For Sale
Square Footage 7,200 sqft
Price per Sqft $482
MLS Listing ID 25580261
Bedrooms 15
Construction Status Updated/Remodeled
Year Built 1990
Lot Size 8,008 Sqft
Acres 0.1839
Property Sub-Type Multi-Family
Property Description
We are pleased to present 1837 18th Street, an outstanding multifamily investment opportunity located in the heart of Santa Monica. Built in 1990, this well-maintained property offers spacious units, exceptional parking, and significant rental upside. 1837 18th Street consists of six 2-bedroom/2-bath units and one 3-bedroom/2-bath unit, totaling approximately 7,200 square feet on an 8,002 square foot lot. Four units are not subject to rent control, while the remaining three units have a rent-controlled deed restriction in place until 2045. One unit will be delivered vacant at closing, offering immediate lease-up potential. The current ownership has invested in notable capital improvements, including tenting the property for termites, replacing the roof (15-year warranty included), and upgrading many of the units. The property also boasts 13 subterranean parking spaces and three single-car garages an amenity rarely found in similar assets along with in-unit washer/dryer hookups in every apartment. All utilities including water are individually metered, resulting in low operating costs. Priced at a 5.24% cap rate and 12.82 GRM on current income, the building presents excellent potential to increase income through strategic rent increases and further upgrades. Situated in a prime Santa Monica location near acclaimed restaurants, boutique retail, and major employment centers, 1837 18th Street represents a rare opportunity to acquire a stable,"bread-and-butter" apartment asset with long-term upside in one of Los Angeles' most desirable rental markets.
Location
State CA
County Los Angeles
Area Santa Monica
Zoning SMR2*
Rooms
Other Rooms None
Interior
Heating Central
Cooling Central
Flooring Vinyl
Equipment Dishwasher, Stackable W/D Hookup, Refrigerator, Range/Oven, Microwave
Laundry In Unit
Exterior
Parking Features Subterranean, Garage
Garage Spaces 16.0
Pool None
Waterfront Description None
Roof Type Flat
Building
Story 2
Level or Stories Multi/Split, Two
Structure Type Stucco
Construction Status Updated/Remodeled
Others
Special Listing Condition Standard