1442 Stanford St, Santa Monica, CA 90404
9 Unit Apartment Building | $2,750,000 ($305,556/Unit) | Santa Monica, CA 90404
For Sale
Active
24 pictures
Asking Price $2,750,000
- Property Type
-
Multifamily
- Square Feet
- 7,971 SF
Listing Contacts
Jonathan Taksa
Rob Renshaw
Property Overview
6.25 CAP rate! Approved plans for two ADU units! Permits are READY TO ISSUE once fees are paid, meaning a buyer can break ground immediately upon closing. The addition of these units creates an exceptionally high cap rate (6.25%) for a multifamily property in prime Santa Monica! PRICE IMPROVEMENT AND INCREDIBLE ASSUMABLE FINANCING. Jonathan Taksa and Rob Renshaw of Taksa Investment Group, part of RE/MAX Commercial & Investment Realty, are pleased to present for sale a high-quality multifamily asset in prime Santa Monica, CA.
1442 Stanford Street was built in 1964 and features 7 units with a gross square footage of 7,204. These spacious floor plans feature 1 and 2-bedroom options. There are (4) 2-bedroom, 2-bathroom units and (3) 1-bedroom, 1-bathroom units. Two of the units have been highly upgraded to include kitchens with quartz counters and shaker cabinets, bathrooms with floor to ceiling subway tile, and living areas with modern plank flooring and recessed lighting.
1442 Stanford is ideally located just south of Santa Monica Boulevard with easy access to both the beach and the greater Westside. Downtown Santa Monica is 2 miles to the west while West LA and the 405 freeway lie only 1.5 miles east. The stretch of Santa Monica Boulevard immediately adjacent to 1442 Stanford has seen quite a bit of recent development. The 50-unit project at 2828 Santa Monica was recently completed by LaTerra and another 88-unit project is slated to break ground on the opposite corner to the east. Stanford is also walking distance to many neighborhood attractions including outstanding restaurants, bars, and retail along Santa Monica Blvd, Broadway, and Wilshire Boulevard just to the north.
For the savvy investor, 1442 Stanford St provides a well-managed and highly sought after property with significant future upside potential in one of the most desirable locations Los Angeles has to offer.
1442 Stanford St’s assumable loan has an approximate balance of $1.375M with I/O payments
and a fixed rate of 4.50% until 11/1/2029.
1442 Stanford Street was built in 1964 and features 7 units with a gross square footage of 7,204. These spacious floor plans feature 1 and 2-bedroom options. There are (4) 2-bedroom, 2-bathroom units and (3) 1-bedroom, 1-bathroom units. Two of the units have been highly upgraded to include kitchens with quartz counters and shaker cabinets, bathrooms with floor to ceiling subway tile, and living areas with modern plank flooring and recessed lighting.
1442 Stanford is ideally located just south of Santa Monica Boulevard with easy access to both the beach and the greater Westside. Downtown Santa Monica is 2 miles to the west while West LA and the 405 freeway lie only 1.5 miles east. The stretch of Santa Monica Boulevard immediately adjacent to 1442 Stanford has seen quite a bit of recent development. The 50-unit project at 2828 Santa Monica was recently completed by LaTerra and another 88-unit project is slated to break ground on the opposite corner to the east. Stanford is also walking distance to many neighborhood attractions including outstanding restaurants, bars, and retail along Santa Monica Blvd, Broadway, and Wilshire Boulevard just to the north.
For the savvy investor, 1442 Stanford St provides a well-managed and highly sought after property with significant future upside potential in one of the most desirable locations Los Angeles has to offer.
1442 Stanford St’s assumable loan has an approximate balance of $1.375M with I/O payments
and a fixed rate of 4.50% until 11/1/2029.
Property Details
- Class
- C
- Year Built
- 1964
- Stories
- 2
- Lot Size (sq. ft)
- 7,841 SF
- Units
- 9
Highlights
- 6.25 CAP and 11.78 GIM after completion of 2 RTI ADUs (Cost of ADU build out INCLUDED to arrive at CAP rate)
- Excellent unit mix of all large 1 and 2-bedroom floor plans
- Incredible assumable loan has an approximate balance of $1.375M with I/O payments and a fixed rate of 4.50% until 11/1/2029
- Significant rental upside (current rents hover around $2.42/SQFT) 9.42 GIM and 8.13% CAP Rate at market rents
- Several luxuriously renovated units
- Ample parking (soft story retrofit completed)
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