SUCCESS STORY
SM Spanish-Style Fourplex Sells in 60 Days
831 12th St.
We generated five competitive offers within a month of listing. The Seller was thrilled with the speed of the transaction and cashed out in 60 days.
Price
$
3,130,000
City
Santa Monica
Current Cap Rate
N/A
%
Price P/ Unit
$
782,500
Lot Size
7,523
SF
821 12th
About the Property
831 12th Street, a charming Spanish-style fourplex located in the highly-desired beach community of Santa Monica. Located on a tree-lined residential block just south of Montana Avenue, the property was adjacent to the neighborhood's most popular shopping and dining destinations. Constructed in 1928, the 5,020 two-story trophy asset sat on a 7,523 lot and featured (4) two-bdrm. units.
Price
$
3,130,000
City
Santa Monica
Current Cap Rate
N/A
%
Price P/ Unit
$
782,500
Lot Size
7,523
SF
Background
831 12th was a charming and well-maintained Spanish-style fourplex just 1/2 block south of Montana Ave. After owning the building for several years and having uncertainty around the LA multifamily market, the eller felt it was the right time to cash out.
Result
We generated five competitive offers within a month of listing the property. To get the best offer for our client, we toured qualified buyers, created a competitive bidding environment, and closed escrow 45 days later at $3.13M. With a great deal of uncertainty in the market due to the COVID pandemic, the Seller was thrilled with the speed of the transaction, and cashed out 60 days after signing the listing agreement.
