929 Idaho is a well-maintained ten unit property, located one block south of Montana Ave in Santa Monica, offering the quintessential Westside lifestyle for high-income professionals. The property’s desirable location is just a short walk from a bustling neighborhood hub that is home to a wide array of highly-acclaimed restaurants, gyms, grocery stores and other daily essentials. In addition, this well-maintained property has received a number of capital improvements including a new roof, copper pluming, updated electrical system and vinyl windows.
About The Property
Stats
Price $5,475,000
Year Built 1960
City Santa Monica
Units 10
Current CAP 4.64%
Price p/ Sq. ft. $429
Price P/ Unit $547,5000
Background
Located in the heart of Santa Monica, our latest Westside listing lasted only a short time. This ten-unit property, located one block south of Montana Ave, was well-maintained by long-term owners and featured many capital improvements. The property’s beneficiaries, who inherited the property on a step-up basis, contacted KST to help them cash out and take advantage of their capital gains tax savings.
Challenge
The property had appraised for a higher value in 2022, and the sellers had high expectations of achieving a stellar price. Despite the property’s desirable location and solid income, many investors were experiencing cold feet and adopted a “wait and see” approach. Given the uncertainty in the market, we knew we had to identify an exchange buyer.
Result
Although most investors remained on the sidelines, we generated several offers within one month of marketing. Ultimately, KST identified an exchange buyer who could close in 14 days. With Measure ULA deadline approaching, the sellers were thrilled with the outcome, cashing out in less than 60 days after signing the listing agreement.
