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1332 10th Street, Santa Monica, California 90401, Santa Monica, 90401 - 5 bed, bath

1332 10th Street, Santa Monica, California 90401 home-pic-0
ACTIVE$2,675,000
1332 10th Street, Santa Monica, California 90401
5Beds
0Bath
4,454Sqft
7,513Lot

Price Vs. Estimate

Estimation data not available

Key pros and cons

Top Pros:
Exceptional Investment Opportunity: The property boasts a strong current cap rate of 5.05% and a GRM of 13.14, coupled with the significant advantage of seller financing, making it a highly attractive financial investment.
Top Cons:
Rent Control Market: As a multi-unit property in Santa Monica, it is subject to rent control regulations, which may limit future rental income growth on existing occupied units.

Compared to the nearby listings

Compared against 0 nearby listings

More Insights

Built in 1948 (77 years old).
Condition: The property, built in 1948, has undergone significant renovations, including seismic retrofitting, a relatively new roof, and copper plumbing, indicating major system updates. The main unit features hardwood floors, a functional kitchen with stainless steel appliances, and well-maintained bathrooms with classic finishes like subway tile and marble countertops. While the kitchen cabinet style and some bathroom fixtures might not be ultra-modern, they are clean and in good condition. The attic unit's kitchenette and bathroom appear more recently updated but are basic. Overall, the property is move-in ready with no immediate renovation required, aligning with the 'Good' condition criteria for a property extensively renovated within the last 5-15 years.
Year Built
1948
Close
-
List price
$2.67M
Original List price
$2.67M
Price/Sqft
$601
HOA
-
Days on market
-
Sold On
-
MLS number
SB25072490
Home ConditionGood
Features
Deck
View

About this home

** SELLER FINANCING AVAILABLE. CRAFTSMAN HOME + 4 UNITS** A rare opportunity to own a remodeled 5-unit property in the heart of Santa Monica. This 4,454 sq. ft. building sits on a spacious 7,510 sq. ft. R3 lot, offering excellent ADU potential and future development opportunities. The front house is a 2-bed/2-bath Craftsman home, which is vacant and ready for an owner-user or new tenant. It features a fireplace, bay window, large living room, hardwood floors, countertop island, in-unit washer and dryer, and both a front and side yard. Attached to it, through a separate entrance, is an attic space configured as a 1-bed/1-bath unit with a kitchenette, providing additional space and flexibility. The property's charming garden-style design enhances its curb appeal. The rear of the property includes four units: two 1-bed/1-bath units (one currently vacant) and two studio units, one of which includes a private deck, allowing an investor to maximize rental income. The building is in excellent condition, with seismic retrofitting completed, a relatively new roof, and copper plumbing. Additionally, there are four garages, two of which are separately rented, generating extra income. The property boasts a current cap rate of 5.05% and a GRM 13.14, making it a highly attractive investment. With a desirable unit mix, prime location, and potential for additional development, this is a phenomenal opportunity to invest or live in one of Santa Monica's most sought-after neighborhoods.

Condition Rating
Good
The property, built in 1948, has undergone significant renovations, including seismic retrofitting, a relatively new roof, and copper plumbing, indicating major system updates. The main unit features hardwood floors, a functional kitchen with stainless steel appliances, and well-maintained bathrooms with classic finishes like subway tile and marble countertops. While the kitchen cabinet style and some bathroom fixtures might not be ultra-modern, they are clean and in good condition. The attic unit's kitchenette and bathroom appear more recently updated but are basic. Overall, the property is move-in ready with no immediate renovation required, aligning with the 'Good' condition criteria for a property extensively renovated within the last 5-15 years.
Pros & Cons

Pros

Exceptional Investment Opportunity: The property boasts a strong current cap rate of 5.05% and a GRM of 13.14, coupled with the significant advantage of seller financing, making it a highly attractive financial investment.
Significant Development Potential: Situated on a spacious 7,510 sq. ft. R3 zoned lot, the property offers excellent ADU potential and future development opportunities, providing substantial long-term value appreciation.
Prime Santa Monica Location: Located in the heart of Santa Monica, one of the most sought-after neighborhoods, ensuring high tenant demand, strong property values, and desirable lifestyle amenities.
Multi-Unit Income & Owner-User Flexibility: Comprising a 5-unit property (Craftsman home, attic unit, two 1-bed/1-bath, two studios) plus two separately rented garages, it offers diverse income streams and the flexibility for an owner-user in the vacant Craftsman home.
Extensive Capital Improvements: The building is in excellent condition with major upgrades completed, including seismic retrofitting, a relatively new roof, and copper plumbing, significantly reducing immediate capital expenditure for a new owner.

Cons

Rent Control Market: As a multi-unit property in Santa Monica, it is subject to rent control regulations, which may limit future rental income growth on existing occupied units.
Limited On-Site Parking: With four garages available for potentially six units (five main units plus the attic unit), and two garages already rented, on-site parking could be a challenge for tenants, potentially impacting marketability or tenant satisfaction.
Age of Property (Potential for Hidden Issues): Despite significant recent upgrades, the property's original construction year of 1948 means there could still be older infrastructure or components not explicitly mentioned, potentially leading to unforeseen maintenance or repair costs over time.

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