1117 12th Street, Santa Monica, CA 90403

Description

A rare opportunity to combine Santa Monica living with ownership of an income-producing multifamily property in the highly desirable Wilshire-Montana neighborhood. This 11-unit apartment building featuring seven 1-bedroom/1-bath units, three 2-bedroom/2-bath units, and one spacious 3-bedroom/2-bath unit. The approximately 9,636-square-foot building sits on a 7,499-square-foot lot in one of Santa Monica's most desirable residential locations. The property's 3-bedroom/2-bath unit is currently available, creating a unique opportunity for a buyer who would like to live on-site while receiving rental income from the other ten apartments. For an owner-user, this offers the benefits of a larger residence in Santa Monica together with the financial advantages of owning a substantial income-producing asset. If owner occupancy is not desired, the available 3-bedroom residence may instead be leased at the then-current market rent, subject to applicable Santa Monica rental regulations.The property also provides additional future income opportunities. Four garages at the front of the property are retained by ownership and may potentially be rented separately for additional income. A buyer may also evaluate whether the garages could be converted into ADU's, subject to City approval and all applicable requirements.Tenants currently park in front of the garage area, which may provide additional flexibility when evaluating future use of the garage structures. Another important benefit is that the property has already completed its earthquake/seismic retrofit and the state-required balcony inspection, addressing significant building compliance items for the next owner. The property is just north of Wilshire Boulevard and convenient to Montana Avenue shopping and restaurants, Downtown Santa Monica, Third Street Promenade, Santa Monica Beach, UCLA Santa Monica Medical Center, and nearby Brentwood. 1117 12th Street presents a distinctive opportunity to own a substantial Santa Monica income property while enjoying the option to make the property your home.