1247 Berkeley Street

Santa Monica, CA 90404

$3,100,000
Price
16
Beds
12
Baths
8,990 Sq. Ft.
$345 / Sq. Ft.
8,990
Sq. Ft.
$345
per Sq. Ft.

Description

We are pleased to offer this 6-unit apartment complex in prime Santa Monica. Built in 1961, the property features 8,990 square feet of living space and has undergone a soft story retrofit in compliance with the City of Santa Monica. Priced to sell at only $369 per foot, the property boasts a great unit mix: two 2-bedroom/1.75-bathroom units and four 3-bedroom/1.75-bathroom units. These very large units average approx. 1,500 SQFT each. Each unit features a combination of hardwood, carpet, and tile...We are pleased to offer this 6-unit apartment complex in prime Santa Monica. Built in 1961, the property features 8,990 square feet of living space and has undergone a soft story retrofit in compliance with the City of Santa Monica. Priced to sell at only $369 per foot, the property boasts a great unit mix: two 2-bedroom/1.75-bathroom units and four 3-bedroom/1.75-bathroom units. These very large units average approx. 1,500 SQFT each. Each unit features a combination of hardwood, carpet, and tile flooring, as well as a private balcony. Additionally, the rear three-bedroom apartment includes a large patio and a fourth separate bedroom/den. The property offers a total of 9 parking spaces (7 unique spaces), and each unit is individually metered for gas and electricity. The property will be delivered with at least one vacant unit. Located in the heart of Santa Monica and just half a block from Wilshire, this property provides easy access to many high-end urban amenities. It is also just minutes from the beach, Montana Ave, Third Street Promenade, and Venice Boardwalk, epitomizing the Southern California coastal lifestyle. Property offered at exceptional 12.08 GRM and 5.88% CAP, unprecedented for such an efficient, value-add product. Act fast! This property offers substantial rental growth potential, making it an excellent investment opportunity in a sought-after location.
  1. Listed by Benjamin J. Hsiang • DRE #01438644 • Brokerage DRE #01438644 • Realty Investment Advisors, Inc.
  2. Listed by Don Favia • DRE #01841258 • Brokerage DRE #01438644 • Realty Investment Advisors, Inc.

Property Details for 1247 Berkeley Street

Zoning
SMR2*
Parcel Number
4267002021
Total Units
6.0
Living Area
8990
Source Living Area
Vendor Enhanced
Area
Santa Monica (C14)
Vacancy Rate
2
Lot Size Area
8133
LISTING UPDATED: 10/07/2024 10:29 AM

Property Details for 1247 Berkeley Street

StatusActive
MLS #24-415558
Days on Market114
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1961
Lot Size0.19 AC / 8,133 SF
CountyLos Angeles County

Building Information for 1247 Berkeley Street

Stories2Residences-Year Built1961Building Size-Lot Size0.19 AC / 8,133 SF

Property Information for 1247 Berkeley Street

Community / Development
Community / Development
  • Number Of Units: 6
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 2
  • Number Of Buildings: 1
  • Type Of Units: Apartments
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $248,875
  • Net Operating Income: $182,345.00
  • Gross Income: $256,572
  • Cap Rate: 5.88%
  • Gross Rent Multiplier: $12.08
  • Total Annual Expense: 66530
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.1867
  • Lot Size Square Feet: 8133
Parking Details
Parking Details
  • Parking Garage: Carport, Driveway - Combination
  • Total Parking: 0
  • Parking Features: Carport, Driveway - Combination
Interior Features
Interior Features
  • Levels: Two
  • Cooling: None
  • Cooling Type: None
  • Heating: Wall Furnace
  • Heating Type: Wall
  • Equipment: None
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 07-18-2024
Unit Details
Unit 1 Information
  • Unit Beds: 2
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $2,303.00
  • Unit Actual Rent: $4,606.00
  • Unit Projected Rent: $9,700.00
  • Like Units: 2
Unit 2 Information
  • Unit Beds: 3
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $4,308.00
  • Unit Actual Rent: $12,923.00
  • Unit Projected Rent: $14,550.00
  • Like Units: 3
Unit 3 Information
  • Unit Beds: 3
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $3,653.00
  • Unit Actual Rent: $3,653.00
  • Unit Projected Rent: $6,000.00
  • Like Units: 1
Unit Details
  • Unit Type Type: 2106, 2107, 2108
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $960,000.00
  • Assessed Improvement Percent: 30.0
  • Assessed Land Value: $2,240,000.00
  • Assessed Land Percent: 70
  • Assessed Total Value: $3,200,000.00

Property History for 1247 Berkeley 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 1247 Berkeley Street

Taxable ValueLand$2,284,800Additions$979,200Total$3,264,000
Tax Record2024$39,774 ($3,314 / month)
Home Facts
Total Finished SqFt8,990 SqFtAbove Grade Finished SqFt8,990 SqFtLot Size8,131 SqFtStyleMulti-Family Res (5+ Units)Year Built1961ZoningSMR2*CountyLOS ANGELESAPN4267-002-021

Schools near 1247 Berkeley 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 - 9 to 12
Rating
School
Distance
McKinley Elementary School
PublicK to 5

Lincoln Middle School
Public6 to 8

Santa Monica High School
Public9 to 12

Olympic High (Continuation) School
Public9 to 12

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

Sorry, we can't find any similar homes at this time. Please check back later.

Similar Sold Homes

Sorry, we can't find any similar sold homes at this time. Please check back later.

1247 Berkeley Street is a multi-family home for sale in Santa Monica, CA 90404. This property was listed for sale on July 18, 2024 by Realty Investment Advisors, Inc., it's currently listed at $3,100,000. It has been on the market for a total of 114 days and was last sold on December 13, 2022. This listing's school district is Santa Monica-Malibu Unified School District. Nearby schools include McKinley Elementary School, Lincoln Middle School and Santa Monica High School. 1247 Berkeley Street is a 16-bed, 12-bath, 8,990 sqft multi-family home built in 1961.

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. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Realty Investment Advisors, Inc., Benjamin J. Hsiang, DRE #01438644; Realty Investment Advisors, Inc., Don Favia, DRE #01841258

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.