$2,980,000/mo

1813 9th Street, Santa Monica, CA 90404

7,763 sqft

Rent shown is base rent as provided by the property owner or manager. Additional mandatory fees, deposits, or utilities may apply and are set by the property owner or manager.

Rental
Built in 1963
7,484sqft lot
2 car garage
$384/sqft
Listed 3 months ago

Property Description

We are proud to present a rare opportunity to acquire a well-located, 6 unit multifamily asset in the heart of Santa Monica, just a few blocks away from the beach. Built in 1963, the property spans approximately 7,763 square feet on a 7,485 square feet lot and boasts an exceptional unit mix of two 2-bedroom / 1.5-bath townhouse style units, three 3-bedroom / 2-bath units, and one 3-bedroom/1.5-baths townhouse -style unit. The units feature spacious floor plans and ample closet space. The well-maintained property is separately metered for gas & electric, serviced by a central water heater, and offers an on-site laundry facility, one 2-car garage with storage rooms, and five carport parking spaces with storage bins. In recent years, the property has had significant capital improvements including a newer roof, copper plumbing in most units, multiple updated electrical sub-panels, replacement of a complete full main sewer line, and a new water heater in the laundry room. Two units have been extensively upgraded to include individual tankless water heaters & in-unit laundry, upgraded flooring, new kitchens with new shaker cabinetry, quartz countertops, stainless-steel appliances including gas stove, refrigerator, microwave & dishwasher, new bathrooms, dual pane windows, and new lighting. These upgrades address deferral maintenance, improve building functions, enhance tenant experience, and will meaningfully increase the long-term value & performance of the property. The current rent is still below the market, a new owner is presented with the opportunity to increase rent to market price upon vacancy and further increase rental income with complete unit renovations of remaining unrenovated units. Additionally, the architectural work for the back carport ADU conversion is completed and ready to pull permits. This project will create two rentable studio units and will significantly increase both property value and cash flow. With stable income in place and meaningful upside through interior renovations and tenant turnover, the property presents a compelling blend of immediate cash flow & long term appreciation potential. This is a rare chance to own a turnkey asset in one of the most affluent & high-demand rental markets in Southern California.