1220 24th Street, Santa Monica
4 Unit Apartment Building | 2,847 SF Building on 5,295 SF Lot
Current CAP 3.84% and Pro Forma CAP 4.46% | Current GRM 17.65 and Pro Forma GRM 15.80
Offered at $2,275,000
*Charming 4-unit Bungalow-style building close to everything!
*Bonus Income from 4 garage units leased out at $195/month/each to storage tenants
*Within a block of Trader Joe’s, Whole Foods & Douglas Park
*Great school district – one block from McKinley Elementary School (Check with City)
*Ideal unit mix – (2) 2br+1ba Bungalows and (2) 1br+1ba units
*Good rental upside
This unique and charming 4-plex offers an investor or owner/user privacy, great income and a fantastic location close to parks, schools, Trader Joe’s, Whole Foods, great restaurants, coffee houses and entertainment. The property has a history of very low vacancy due to its under-market rents and unique bungalow-style units. It’s high cap rate and low GRM offers an investor a stable income in one of the most sought-after rental markets in Southern California.
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