1837 18th ST new Save Request In-Person Tour Request Virtual Tour
Santa Monica,CA 90404
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 7,200 sqft
Price per Sqft $482
MLS Listing ID 25580261
Bedrooms 15
Construction Status Updated/Remodeled
HOA Y/N No
Year Built 1990
Lot Size 8,006 Sqft
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 C14 - Santa Monica
Zoning SMR2*
Interior
Heating Central
Cooling Central Air
Flooring Vinyl
Fireplace No
Appliance Dishwasher,Microwave,Refrigerator
Laundry Stacked
Exterior
Parking Features Underground,Garage
Garage Spaces 3.0
Garage Description 3.0
Pool None
Community Features Gated
Total Parking Spaces 16
Private Pool No
Building
Faces West
Story 2
Entry Level Two,Multi/Split
Level or Stories Two,Multi/Split
New Construction No
Construction Status Updated/Remodeled
Others
Senior Community No
Tax ID 4274012015
Security Features Gated Community
Special Listing Condition Standard