817 12th Street

Santa Monica, CA 90403

$5,125,000
Price
7
Beds
18
Baths
10,639 Sq. Ft.
$482 / Sq. Ft.
10,639
Sq. Ft.
$482
per Sq. Ft.

Description

With its phenomenal location just south of Montana Avenue, the 12th Street Apartments is a fantastic reposition opportunity. There are currently 4 vacant apartments that can be renovated and rented shortly after closing. With ample parking, an oversized lot, and just 12 short blocks from Inspiration Point and Palisades Park, this property is ripe with options. Please note there is a deed restriction on the existing 11 units with the City of Santa Monica requiring units to be rented to 30% AMI Households....With its phenomenal location just south of Montana Avenue, the 12th Street Apartments is a fantastic reposition opportunity. There are currently 4 vacant apartments that can be renovated and rented shortly after closing. With ample parking, an oversized lot, and just 12 short blocks from Inspiration Point and Palisades Park, this property is ripe with options. Please note there is a deed restriction on the existing 11 units with the City of Santa Monica requiring units to be rented to 30% AMI Households. However, Section 8 program tenants qualify and this allows for the units to be rented close to market with the the Section 8 program paying the bulk of their rent. (Buyer to independently verify.) Importantly there is also the potential to add multiple non-rent-restricted ADUs given the garages located both in front and back of the building. The property is currently on the City of Santa Monica soft-story retrofit list and completion of the soft-story retrofit can occur concurrently with the ADU construction. Buyer to verify all of the above with the City of Santa Monica. (Please note the retofit due date was September 2023, per the City’s website.)
  1. Listed by Warren Berzack • DRE #01329015 • Brokerage DRE #01191898 • Lee & Associates • 818-269-2979

Property Details for 817 12th Street

Parking Spaces Total
16
Private Pool
No
Total Units
11.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
10639
Assessor Parcel Number
4281-016-017
Property Attached YN
true

Location

Listing Courtesy of Lee & Associates, Warren Berzack, DRE #01329015
Add your commute
LISTING UPDATED: 03/21/2024 10:41 PM

Property Details for 817 12th Street

StatusActive
MLS #SR24031982
Days on Market74
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1966
CountyLos Angeles County

Location

Listing Courtesy of Lee & Associates, Warren Berzack, DRE #01329015
Add your commute

Building Information for 817 12th Street

Building/Complex817 12th StFloor-Stories3Residences-Pet Policy-Year Built1966Building Size-

Payment Calculator

$33,637 per month

30 year fixed, 7.25% Interest

Principal and Interest

$27,969

Property Taxes

$5,668

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 817 12th Street

Rental Info
Rental Info
  • Tenant Pays: None
Income / Expense / Tax Details
Income Details
  • Gross Income: $33,816
  • Gross Scheduled Income: $323,976
  • Vacancy Allowance: 9719
  • Gross Operating Income: $314,257
  • Net Operating Income: $206,036
  • Gross Multiplier: 15.82
  • Cap Rate: 4.02
Expense Details
  • Operating Expense: $108,221
  • New Taxes Expense: $64,063
  • Gardener Expense: $1,800
  • Fuel Expense: $1,200
  • Licenses Expense: $1,100
  • Pest Control Expense: $600
  • Electric Expense: $2,000
  • Insurance Expense: $5,500
  • Maintenance Expense: $15,959
  • Professional Management Expense: $0
  • Trash Expense: $3,000
  • Water Sewer Expense: $7,000
  • Total Expenses: $108,221
Tax / Assessment Info
  • Tax Block: 14
  • Tax Tract Number: 1
  • Tax Census Tract: 7013.02
  • CFD/Mello-Roos Fee: $2,182
  • Tax Lot: U
Community / Development
Community / Development
  • Community Features: Curbs, Sidewalks, Storm Drains, Street Lights, Urban
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Common Area
Exterior Features
  • Entry Location: 1
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
Land/Lot Info
  • Lot Features: Landscaped
  • Number Of Units: 11
  • Land Lease: No
  • Land Lease Type: Fee
  • Water: Public
  • Sewer: Public Sewer
  • Water Source: Public
Parking Info
  • Garage Spaces: 6
  • Parking: Yes
  • Parking Garage: Assigned
  • Uncovered Spaces: 3
  • Open Other Spaces Total: 3
  • Parking Garage Spaces: 6
  • Carport Spaces: 7
  • Parking Features: Assigned
Unit Information
Unit 1
  • Unit Type Units Total: 4
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $1,491
  • Unit Type Total Rent: $5,963
  • Unit Type Pro Forma: 14160
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 5
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 2
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $2,799
  • Unit Type Total Rent: $13,995
  • Unit Type Pro Forma: 17700
  • Unit Type Type: 2
Unit 3
  • Unit Type Units Total: 2
  • Unit Type Beds Total: 3
  • Unit Type Baths Total: 2
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $3,465
  • Unit Type Total Rent: $6,930
  • Unit Type Pro Forma: 9080
  • Unit Type Type: 3
Unit Information
  • Rent Controlled: Yes
  • Number Of Buildings: 1
  • Number Of Separate Electric Meters: 12
  • Number Of Separate Gas Meters: 12
  • Number Of Separate Water Meters: 1

Property History for 817 12th Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 817 12th Street

Taxable ValueLand$3,982,401Additions$1,710,042Total$5,692,443
Tax Record2023$68,018 ($5,668 / month)
Home Facts
Total Finished SqFt10,639 SqFtAbove Grade Finished SqFt10,639 SqFtLot Size7,494 SqFtStyleMulti-Family Res (5+ Units)Year Built1966ZoningSMR2*CountyLOS ANGELESAPN4281-016-017

Schools near 817 12th Street

This home is within Santa Monica-Malibu Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Public - K to 8
Rating
School
Distance
Roosevelt Elementary School
PublicK to 5

Lincoln Middle School
Public6 to 8

Santa Monica High School
Public9 to 12

Santa Monica Alternative (K-8) School
PublicK to 8

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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817 12th Street is a multi-family home for sale in Santa Monica, CA 90403. This property was listed for sale on February 13, 2024 by Lee & Associates, it's currently listed at $5,125,000. It has been on the market for a total of 74 days and was last sold on June 2, 2016. This listing's school district is Santa Monica-Malibu Unified School District. Nearby schools include Roosevelt Elementary School, Lincoln Middle School and Santa Monica High School. 817 12th Street is a 7-bed, 18-bath, 10,639 sqft multi-family home built in 1966.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Lee & Associates, Warren Berzack, DRE #01329015

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.