848 18th Street, Santa Monica, CA 90403
PRICE REDUCED $300,000 | Seller Motivated | September 1 Increases applied to rents.
LA Commercial | Development Sight is proud to present 848 18th Street, a luxury apartment building consisting of 7 units. Built in 1962, this trophy asset features all large 2 bedroom units. and is excellently maintained
The property features all copper plumbing, updated electrical, and a roof that was just re-done in 2018. As the units turn over, the owner has been extensively remodeling them to condo quality.
The unit mix consists of two extra large (1450 square feet) 2 bedroom 2 bath units with fireplaces and extra large balconies facing the street, and five large (1250 square feet) 2bedroom 2 bath units.
One of the 1250 SF units has been renovated to condo quality with granite countertops, soaking tubs, hardwood floors and brand new stainless steel appliances. Another 1250SF unit is completely gutted and awaiting permits for renovation. The rest of the units are updated but not to that extent. They have tile in the kitchen and some have hard-wood floors.
The building is mostly electric, which keeps expenses low. Seller installs a gas stove in newer units and a gas line to the balcony for a grill, but only on 2 units so far. Gas is also used to power the dryer in the laundry room which is not used as much due to the washer dryer hookups in 3 units.
The earthquake retrofitting is complete but the Seller is awaiting the City of Santa Monica to make a final inspection prior to completing the exterior. The Property is newly gated for additional security. The property is a one-of-kind trophy asset at the foot of Santa Monica in walking distance of various shops, restaurants, and retail of Montana.
Broker Co-op 1%. Sign Agreement below to get detailed information
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