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Listing Details

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School Ratings & Info

Description

Amazing opportunity to purchase a double lot 16,626 Square Feet in Santa Monica's Sunset Park Neighborhood. 1024 Hill Street is a Five Unit property with the front unit being a stand alone remodeled 2 Bedroom 1 Bath home. The other four are 1-Bedroom 1-Bath units in the back. The property also has a two car garage along the alley and seven open spaces on the lot behind the garage. The property is being sold for $2,295,000 along with 1018 Hill Street that's also on the market for $2,295,000. Each property has a 8,313 Square Foot Lot. Perfect for future development as Condominiums, Town Homes or Luxury Apartments. This great property is located approximately 1 Mile from the Beach & Main Street. It is walking Distance to Retails Shops, Dining, and Entertainment along Lincoln Boulevard and Ocean Park Boulevard. Many other features of Santa Monica and the surrounding areas include The 3rd Street Promenade, Santa Monica Pier, Santa Monica Beach, Abbot Kinney, Venice Beach and Numerous Technology and Entertainment Companies close by for Employment. The property will have at least one unit delivered vacant. Current rents have an approximate 76% Market Rental Upside and a Pro-Forma Gross Rent Multiplier of 13.56 times. Listing Income Details for GOI, Expenses, NOI, Gross Income, Cap Rate, and GRM are based on Pro-Forma Income as if all units are at current market rents. Total Expenses were forecast to reflect property tax changes if sold and actual expenses.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2021-09-18T12:29:36.297. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Realty ONE Group Empire. Licensed in the State of California, USA.
www.bestsocalhomesearch.com/homes/119453430
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1024 Hill Street Santa Monica, CA 90405

  • Price: $2,295,000
  • Status: Active
  • Updated: 44 min ago
  • ID#: 21762450
0
Beds
0
Baths
0
½ Baths
0.19
Acres
1938
Built
Neighborhood:
C14 - Santa Monica
County:
Los Angeles
Area:
C14 - Santa Monica
Property Description
Amazing opportunity to purchase a double lot 16,626 Square Feet in Santa Monica's Sunset Park Neighborhood. 1024 Hill Street is a Five Unit property with the front unit being a stand alone remodeled 2 Bedroom 1 Bath home. The other four are 1-Bedroom 1-Bath units in the back. The property also has a two car garage along the alley and seven open spaces on the lot behind the garage. The property is being sold for $2,295,000 along with 1018 Hill Street that's also on the market for $2,295,000. Each property has a 8,313 Square Foot Lot. Perfect for future development as Condominiums, Town Homes or Luxury Apartments. This great property is located approximately 1 Mile from the Beach & Main Street. It is walking Distance to Retails Shops, Dining, and Entertainment along Lincoln Boulevard and Ocean Park Boulevard. Many other features of Santa Monica and the surrounding areas include The 3rd Street Promenade, Santa Monica Pier, Santa Monica Beach, Abbot Kinney, Venice Beach and Numerous Technology and Entertainment Companies close by for Employment. The property will have at least one unit delivered vacant. Current rents have an approximate 76% Market Rental Upside and a Pro-Forma Gross Rent Multiplier of 13.56 times. Listing Income Details for GOI, Expenses, NOI, Gross Income, Cap Rate, and GRM are based on Pro-Forma Income as if all units are at current market rents. Total Expenses were forecast to reflect property tax changes if sold and actual expenses.
Exterior Features

Architectural Style Traditional Carport YN Yes Construction Materials Stucco Direction Faces North Entry Location Living Room Foundation Details Concrete PerimeterRaised Lot Features Front YardLawnRectangular LotValue In Land Parking Features Door-MultiDetached CarportGarage Parking Total 2 Pool Features None Pool Private YN No Roof CompositionShingle Spa Features None Spa YN No View None View YN No

Interior Features

Appliances DisposalOven Cooling None Cooling YN No Fireplace Features BathDining RoomGasKitchenLiving Room Fireplace YN Yes Flooring TileWood Heating Natural GasWall Furnace Heating YN Yes Window Features Double Pane Windows

Property Features

Additional Parcels YN No Garage YN Yes Gross Income 169200 Land Lease YN No Laundry Features Common AreaOutside Listing Agreement Exclusive Right To Sell Listing Service Full Service Net Operating Income 126900 Possession Close Of Escrow Rent Control YN Yes Security Features Carbon Monoxide Detector(S)Smoke Detector(S) Senior Community YN No Sewer Sewer Tap Paid Special Listing Conditions Standard Total Actual Rent 96166 Vacancy Allowance Rate 1 Zoning Smr2*

Listing provided courtesy of Charles Blaauw of Pacific Real Estate Services


Based on information from California Regional Multiple Listing Service, Inc. as of 2021-09-18T12:29:36.297. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Realty ONE Group Empire. Licensed in the State of California, USA.
 
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