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817 12th St

Santa Monica CA 90403

16
10639 sq. ft.
7496 sq. ft.
Apartment
Currently for sale - view listing

Overview

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.)

Features

16 carspaces
7 carport spaces
3 open car spaces
6 garage spaces
10639 sq. ft. floor area
7496 sq. ft. lot size
Apartment

Property history for 817 12th St

2016
Sold
$5,000,000
03 Jun 2016

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Local market activity for apartments in Santa Monica

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