Chase Simonton & Wes Wellman Facilitate $2.4M Sale Of Santa Monica Multifamily

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.