Updated Dec 4, 2024
Chase Simonton & Wes Wellman Facilitate $2.4M Sale Of Santa Monica Multifamily
1112 11th Street
$2,400,000
$445/SF
Building Size
5,388 SF
Asset Type
MultiFamily
Closing
Apr 1, 2024
About this deal
AI
In Santa Monica, a multifamily property located at 1112 11th Street was recently sold for $2,400,000. This property consists of 8 units with a total square footage of 5,388 and a price per unit of $300,000. The sale also included a price per square foot of $445, showcasing a promising investment opportunity in a sought-after neighborhood for affluent professionals.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $2,400,000
- Units: 8
- Square Footage: 5,388
- Price per Unit: $300,000
- Price per Square Foot: $445
- Address: 1112 11th Street
- Market: Santa Monica
Chase Simonton from Re/Max One was the buyer's representative in this transaction, while Wes Wellman from Wellman Realty Co. represented the seller. The sale of this property not only marks a significant transaction but also represents a valuable opportunity for redevelopment. The presence of 5 vacant 1BR/1BA units opens doors for transforming the mid-century traditional style building into modern, amenity-rich homes. The projected rents for the vacant units, along with the inclusion of laundry facilities, add further appeal to this real estate deal.
On the Map
$2,400,000
$445/SF
MultiFamily
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Santa Monica MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
6.61%
Cash-on-Cash
-1.89%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93