$4,895,000

****Unit #1 just gave notice that it they will be moving out, it is the best unit in the building. 1,450 sqft plan with fireplace, oversized patio and two tandem parking spots. The existing rent is $3,219 and will increase the rent to $5,500/mo ($2,281 rental increase), which will bring the cap rate up to 4.51% in-place. Plus, potential to Add on Two ADUs to Maximize Revenue**** 848 18th, a Seven-unit multifamily community located in the city of Santa Monica, California. Built-in 1962, the property is comprised of three-story, rental buildings that house a unit mix comprised of all two-bedroom floorplans ranging from 1,250 to 1,450 square feet. Two of the seven units have been fully renovated and one additional unit has been partially renovated in 2022. 848 18th provides the right investor with the opportunity to increase potential rent on the remaining four unrenovated units with upgraded quartz countertops, vinyl hardwood floors, stainless steel appliances, and in-unit washers and dryers. The three renovated units are commanding an average $300 rental premium with these upgrades. Additionally, there are plans to add Two ADUs to increase revenue by adding an additional $9,000+ in monthly revenue. 848 18th is well located and convenient to award-winning school districts, dozens of restaurants and shops, and in proximity to Santa Monica Beach and Pier. The property also enjoys easy access to Montana Avenue and Santa Monica Boulevard, which connect residents to the education, retail, entertainment, dining, and employment centers found throughout Santa Monica and the entire Los Angeles region.