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    1024 Hill St

    Santa Monica, CA 90405
    • $2,295,000
    • STATUS: Active
    • ON SITE: 96 Days
    • ID#: 21-762450
    UPDATED: 42 min ago
    $2,295,000
    • 6
      BEDS
    • 0.19
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 2,934
      SQFT
    • $782
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1938
    County:
    Area:

    Description

    Amazing opportunity to purchase a double lot 16,626 Square Feet in Santa Monica's Sunset Park Neighborhood. 1024 Hill Street is a Five Unit property with the front unit being a stand alone remodeled 2 Bedroom 1 Bath home. The other four are 1-Bedroom 1-Bath units in the back. The property also has a two car garage along the alley and seven open spaces on the lot behind the garage. The property is being sold for $2,295,000 along with 1018 Hill Street that's also on the market for $2,295,000. Each property has a 8,313 Square Foot Lot. Perfect for future development as Condominiums, Town Homes or Luxury Apartments. This great property is located approximately 1 Mile from the Beach & Main Street. It is walking Distance to Retails Shops, Dining, and Entertainment along Lincoln Boulevard and Ocean Park Boulevard. Many other features of Santa Monica and the surrounding areas include The 3rd Street Promenade, Santa Monica Pier, Santa Monica Beach, Abbot Kinney, Venice Beach and Numerous Technology and Entertainment Companies close by for Employment. The property will have at least one unit delivered vacant. Current rents have an approximate 76% Market Rental Upside and a Pro-Forma Gross Rent Multiplier of 13.56 times. Listing Income Details for GOI, Expenses, NOI, Gross Income, Cap Rate, and GRM are based on Pro-Forma Income as if all units are at current market rents. Total Expenses were forecast to reflect property tax changes if sold and actual expenses.

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    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-10-24T20:42:24.98. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
    www.randyplaice.com/homes/119450905
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    1024 Hill St Santa Monica, CA 90405

    • Price: $2,295,000
    • Status: Active
    • Updated: 42 min ago
    • ID#: 21-762450
    6
    Beds
    0
    Baths
    0
    ½ Baths
    0.19
    Acres
    2,934
    SQFT
    $782
    $/SQFT
    1938
    Built
    Neighborhood:
    Santa Monica
    County:
    Los Angeles
    Area:
    Santa Monica
    School District:
    Santa Monica-Malibu Unified School District
    Property Description
    Amazing opportunity to purchase a double lot 16,626 Square Feet in Santa Monica's Sunset Park Neighborhood. 1024 Hill Street is a Five Unit property with the front unit being a stand alone remodeled 2 Bedroom 1 Bath home. The other four are 1-Bedroom 1-Bath units in the back. The property also has a two car garage along the alley and seven open spaces on the lot behind the garage. The property is being sold for $2,295,000 along with 1018 Hill Street that's also on the market for $2,295,000. Each property has a 8,313 Square Foot Lot. Perfect for future development as Condominiums, Town Homes or Luxury Apartments. This great property is located approximately 1 Mile from the Beach & Main Street. It is walking Distance to Retails Shops, Dining, and Entertainment along Lincoln Boulevard and Ocean Park Boulevard. Many other features of Santa Monica and the surrounding areas include The 3rd Street Promenade, Santa Monica Pier, Santa Monica Beach, Abbot Kinney, Venice Beach and Numerous Technology and Entertainment Companies close by for Employment. The property will have at least one unit delivered vacant. Current rents have an approximate 76% Market Rental Upside and a Pro-Forma Gross Rent Multiplier of 13.56 times. Listing Income Details for GOI, Expenses, NOI, Gross Income, Cap Rate, and GRM are based on Pro-Forma Income as if all units are at current market rents. Total Expenses were forecast to reflect property tax changes if sold and actual expenses.
    Exterior Features

    Covered Parking 2 Cross Streets 11th Street And Hill Street Direction Faces North Entry Location Living Room Exterior Construction Stucco Garage Structures Total 1 Levels Ground Level Lot Description Front YardFenced YardCurbsGuttersLawnAlley PavedLot Shape-RectangularValue In LandStreet PavedStreet Lighting Lot Location CityNear Public Transit Lot Size Area 8292 Other Structures None Parking Garage DetachedGarage Is DetachedGarage - 2 Car Patio Features None Paved YN Yes Pool Description None Pool YN No Roof CompositionShingle Spa None Spa YN No Sprinklers None Style Traditional Tennis Court None Total Parking 8 View Description None View YN No Water Frontage None

    Interior Features

    Bathroom Features Shower Over TubTile Baths Total 5.00 Common Walls Detached/No Common Walls Cooking Appliances OvenGas Cooling None Den No Dining Room Yes Equipment Garbage Disposal Family Room No Fireplace Rooms Living RoomKitchenGasDiningBath Flooring HardwoodTile Foundation Details RaisedConcrete Perimeter Heating WallNatural Gas Interior Features Drywall Walls Kitchen Features Tile Counters Laundry CommunityOutside Rooms Living RoomDining Room Water Heater Features GasWater Heater Unit Windows Double Pane Windows

    Property Features

    ADACompliance No Alley YN Yes Assessed Total Value 146560 Entry Floor Number 1 Gross Income 169200 Gross Operating Income 169200 Land Lease Type Fee Like Units1 4 Like Units2 1 Net Operating Income 126900.00 Number Of Buildings 2 Number Of Units 5 Owner Pays WaterGardener Property Condition Value Mainly In Land Rent Control YN Yes Sale Type Standard Security Features Carbon Monoxide Detector(S)Smoke Detector Sewer In Connected And Paid Source Living Area Appraiser Source Lot Size Area Vendor Enhanced Source Lot Size Dimensions Assessor Total Annual Expense 42300 TVServices Cable Tv Type Of Units Residential Water Public Water Heaters YN Yes Year Built Source Vendor Enhanced Zoning Smr2*

    Listing provided courtesy of Charles Blaauw DRE#00890192 of Pacific Real Estate Services.


    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-10-24T20:42:24.98. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
     
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    Valencia CA, 91355