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$4,075,000
Est. payment /mo
4 Beds
5 Baths
7,492 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID SR26204863
Bedrooms 4
Lot Size 7,492 Sqft
Property Sub-Type Res Income 2-4 Units
Property Description
The Fifth & Montana is a 10-unit multifamily property located at 848 5th Street in Santa Monica's Wilshire-Montana neighborhood, approximately one block south of Montana Avenue. The property offers strong in-place income, 12 parking spaces for 10 units, and approximately 11.8% rental upside. Current NOI is estimated at approximately $225,450, with a 5.53% current cap rate. At market rents, projected NOI is approximately $263,211 with a projected 6.46% market cap rate. Built in 1956, the two-building property comprises approximately 7,192 square feet on an approximately 7,492-square-foot lot. The unit mix includes three studios, six one-bedroom units, and one three-bedroom, three-bath unit. Parking consists of seven subterranean spaces and five rear alley garage spaces, providing approximately 1.2 spaces per unit. Six of the ten units have undergone renovations, including three remodeled since 2024. Additional improvements include a roof overlay completed in early 2024, Vulkem deck work completed in 2023, recent exterior painting, and staircase improvements. Select units feature updated kitchens and baths, stainless steel appliances, hardwood-style flooring, exposed-beam ceilings, and outdoor space. The property also includes a dedicated laundry room and landscaped common areas. The location offers proximity to Montana Avenue's restaurants, retailers, cafes, boutiques, and services, as well as Palisades Park, the Santa Monica coastline, Downtown Santa Monica, Third Street Promenade, and Santa Monica Place. The property has a 95 Bike ScoreBiker's Paradise and an 84 Walk Score
Location
State CA
County Los Angeles
Zoning Public Rec
Direction 848 5th St. Santa Monica, CA 90403
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Senior Community No
Tax ID 4292016010
Acceptable Financing Cash, Conventional, Land Contract
Listing Terms Cash, Conventional, Land Contract
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Listed by Raymond Rodriguez, DRE#01402283 Equity Union
NEARBY SCHOOL & BUSINESS
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