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1018 Hill St

Santa Monica, CA 90405
  • $2,295,000
  • STATUS: Active
  • ON SITE: 99 Days
  • ID#: 21-762132
UPDATED: 68 min ago
$2,295,000
  • 6
    BEDS
  • 0.19
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 3,147
    SQFT
  • $729
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1956
County:
Area:

Description

Amazing opportunity to purchase a double lot 16,626 Square Feet in Santa Monica's Sunset Park Neighborhood. 1018 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 1024 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 57% Market Rental Upside and a Pro-Forma Gross Rent Multiplier of 13.28 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 2021-10-26T15:42:59.287. 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.trulinerealty.com/homes/119448695
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1018 Hill St Santa Monica, CA 90405

  • Price: $2,295,000
  • Status: Active
  • Updated: 68 min ago
  • ID#: 21-762132
6
Beds
0
Baths
0
½ Baths
0.19
Acres
3,147
SQFT
$729
$/SQFT
1956
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. 1018 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 1024 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 57% Market Rental Upside and a Pro-Forma Gross Rent Multiplier of 13.28 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 2 Levels Two Lot Description Front YardAlley PavedLandscapedLawnLot Shape-RectangularLot-Level/FlatValue In LandStreet PavedStreet LightingStreet AsphaltStorm Drains Lot Location Alley AccessCity Lot Size Area 8295 Other Structures Other Parking Garage 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 Tennis YN No Total Parking 9 View Description None View YN No Water Frontage None

Interior Features

Bathroom Features Shower Over TubTile Baths Total 5.00 Common Walls Attached Cooking Appliances Oven-Gas Cooling None Equipment Garbage Disposal Fireplace Rooms KitchenLiving RoomBath Flooring HardwoodTileVinyl Foundation Details RaisedConcrete Perimeter Heating WallWall Gas Kitchen Features Tile Counters Laundry Community Laundry Equipment Lease Water Heater Features Gas Windows Double Pane Windows

Property Features

ADACompliance No Alley YN Yes Assessed Total Value 168247 Disability Access None Entry Floor Number 1 Gross Income 172800 Gross Operating Income 172800 Land Lease Type Fee Like Units1 4 Like Units2 1 Net Operating Income 129600.00 Number Of Buildings 2 Number Of Units 5 Owner Pays GardenerWater Property Condition Value Mainly In Land Rent Control YN Yes Sale Type Standard Security Features Smoke DetectorExterior Security LightsCarbon Monoxide Detector(S) Source Living Area Appraiser Source Lot Size Area Vendor Enhanced Source Lot Size Dimensions Assessor Tenant Pays ElectricityGas Total Annual Expense 43200 TVServices Cable Tv Type Of Units Home & Units Water District 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 2021-10-26T15:42:59.287. 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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