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Property Details

Year Built: 1956
Units: 7
Price / Unit: $419,643
Price / SqFt: $576.21
CAP: 4.59%
GRM: 15.13

Executive Summary

Marcus & Millichap is pleased to present 1437 Harvard St, in Santa Monica, CA. Built in 1956, this 7-unit property is located on 9,021 SF lot in the Mid-City Santa Monica neighborhood. The two-story building features one-bedroom and two-bedroom units.

This offering presents an investor the opportunity to capture over 17% rental upside through renovations. Two of the one-bedroom units shall be delivered vacant at the close of escrow. The subject property has nine total parking spaces with no soft-story work required.

Santa Monica remains one of the most desirable addresses for both living and working. With a median household income of over $100,000 and average home value of $1.1 million, the demand for apartment units increases year-over-year.

The Mid-City Santa Monica neighborhood continues to grow at a rapid pace and attracts high-end residents with the unparalleled access to employment opportunities and entertainment amenities. The subject property has a walk score of 88 and the location allows for a quick commute to Downtown Santa Monica and Los Angeles.

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