The subject property is a six-unit residential income asset located at 1937 17th Street in central Santa Monica. Built in 1948 and zoned SMR2, the asset consists of (1) 3-Bedroom / 1.5-Bath unit and (5) 2-Bedroom / 1-Bath units, totaling 4,840 rentable square feet on a 7,746 SF lot. The property delivers strong in-place cash flow at a 5.00% cap rate, with meaningful embedded upside as rents are brought to market.
Positioned in central Santa Monica, the property sits within easy reach of Santa Monica College, Whole Foods, the Pico corridor retail, and the Bergamot Expo Line station, giving tenants a direct rail link to Downtown Santa Monica, Century City, and Downtown Los Angeles. The Santa Monica beach and pier are minutes to the west. Santa Monica remains a supply-constrained, high-demand rental market with deep renter demand from the Silicon Beach tech corridor and the long-term durability that defines Westside multifamily.
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