1024 HILL STREET, SANTA MONICA, CA 90405

  • 2,934 sqft
  • Lot Size: 8,292 sqft
  • Built in 1938
  • MLS #21762450
For Sale $2,295,000

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.

FACTS / FEATURES

  • Built in 1938
  • Lot Size: 8,292 sqft
  • Style: Traditional
  • View: None
  • Cooling: None
  • Heating: Wall Furnace,Natural Gas
  • Parking: 2 spaces total

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Listing Provided by Charles Blaauw, Pacific Real Estate Services
Based on information from California Regional Multiple Listing Service, Inc. as of August 5, 2021. 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.