Just Closed | 22 Units | Santa Monica

$10,100,000 - $551/SF - $459,091/Unit

The LAAA Team of Marcus & Millichap is proud to announce the successful sale of 22 units located at 2721 6th Street, in Santa Monica, California. Built in 1971, the asset sits on 13,499 square feet of land with 18,306 square feet of rentable area and boasts a great unit mix of 2-Bedroom / 2-Bathroom, 1-Bedroom / 1-Bathroom and Studio / 1-Bathroom units.

This well maintained property is located only 6 blocks away from the world-famous Santa Monica and Venice beaches. While some of the units enjoy striking views of the beach, this property also offers a charming roof top that gives all tenants access to the beautiful Pacific Ocean views. This property offers the tenants secured garaged parking with a total of 28 parking spaces and plenty of permitted city parking for their guests. 4 out of 22 units were delivered vacant at the time of the sale. Some of the units have washer and dryers in unit with the opportunity to add value by installing washer and dryers into the remaining units. The Seller was already under contact on a property out of state that was increasing his cash flow significantly. In order for them to close on their upleg on-time we had to close escrow a few days early on their downleg. We were able to achieve this timeline and successfully closed in a timely manner.

Through our superior marketing platform, we were able to generate multiple offers in a very short amount of marketing time and opened escrow after only 15 days of marketing this listing. The winning Buyer was a local investor who earned the deal through his competitive terms of his offer. The buyer was able to lock in favorable financing terms with 3.10% interest rate. Buyer intends to keep the property long term and capture the future upside in one of the most sought after rental markets in Los Angeles County.

For more information about this transaction or a complimentary evaluation for your property and to examine your 1031 exchange options, give us a call today!