844 6th - front of property

SUCCESS STORY

12 Units in SM Sells For $300K Over Asking in 45 Days

844 6th St.

The sellers accepted an offer $300,000 over the asking price and were thrilled with the speed of the sale, cashing out in 45 days.

Offering Price
$6,300,000

City

Santa Monica

Current CAP

2.39

Price per unit

$525,000

Lot Size

7,481 SF

844 6th

About the Property

844 6th St was a twelve unit value-add property located in the metropolitan beach community of Santa Monica. Located on a tree-lined residential block just South of Montana Avenue, the property is adjacent to the neighborhood's most popular shopping and dining destinations. The 14,145 SF two-story building, was built in 1961, and was comprised of (6) two-bedroom townhouse-style units, (4) one-bedroom units and (2) single units. The building featured bright and spacious units averaging 1,200 SF, and several units were equipped with private patios/balconies. Additional property amenities include a gated garage with approx. 14 parking spaces (with 2 additional covered spaces) and soft-story retrofitting had already been completed.

Offering Price

$6,300,000

Number of Units

12 Units

Bldg. Size

14,145 SF

Price per Foot

$445

Year Built

1961

Market CAP

5.47

Zoning

SMR2

Background

The seller owned this 12-unit trophy asset located in the highly-desired rental market of Santa Monica, just 1/2 block South of Montana Avenue. After owning the building for several years, the seller was fed up with property management headaches and wanted to cash out.

844 6th - front of property
844 6th - front of property
844 6th - front of property

Result

Within 2 weeks of listing the property, Kenny had generated eight competitive offers. Given his expertise in the multifamily market, Kenny knew allowing qualified buyers to tour the property would create a competitive bidding environment. Ultimately, the sellers accepted an offer $300,000 over the asking price. They were thrilled with the speed of the sale, taking only 45 days from signing the listing to close of escrow. The seller is cashing out and the buyer is looking forward to collecting strong rental income from this trophy asset for years to come.

844 6th - location overview
844 6th - location overview
844 6th - location overview

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Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. If your property is currently listed for sale this is not a solicitation.

© Copyright 2024.

Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. If your property is currently listed for sale this is not a solicitation.

© Copyright 2024.

Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. If your property is currently listed for sale this is not a solicitation.

© Copyright 2024.

Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. If your property is currently listed for sale this is not a solicitation.

© Copyright 2024.