1423 Euclid Street

Description

Introducing 1423 Euclid St, an 11-unit multifamily building in prime Santa Monica. First time on the market in decades, this 1974-built, 3-story property stands as an outstanding investment opportunity. Priced competitively at $418K per unit and $378 per square foot, it features large, spacious units, balconies, locked gated entry, and abundant parking with 8 individual spaces in a gated semi-subterranean garage plus 5 separate garages off the back alley, presenting multiple ADU possibilities. Currently, the building is fully occupied. The property offers an attractive 27% upside in rents, highlighting its significant value-add potential. This is further amplified by recent upgrades including a 2023-installed hot water boiler, a 5-year-old roof, and partial sewer and electrical improvements. Pedestrian walkways on each floor were also resealed about five years ago. Boasting an incredible Walk Score of 89 of 100, the building is a "Very Walkable," strategically located mere blocks from Downtown Santa Monica. This location provides tenants virtually unlimited shopping, dining, and entertainment options. For investors aiming to diversify, this property is being offered side by side with 1427 Euclid, a 6-unit building. Both properties can be purchased individually or together, providing flexibility in investment strategies. With its unique blend of immediate income potential, future value upside, and a competitive price point, 1423 Euclid St stands as an exceptional investment opportunity. Offering Memorandum is available upon request.