1523 18th St
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1523 18th St
7 Unit Apartment Building $3,204,712 CAD ($457,816 CAD/Unit) 4.62% Cap Rate Santa Monica, CA 90404
Investment Highlights
- Well located garden apartment building
- 5 of 6 units have private patios
- On-site laundry room
- Newly landscaped and trim painted
- 9 off-street covered parking
- Auto timer for sprinklers
Executive Summary
As of September 1, 2024, landlord raised rents and passed through allowable expenses (Rent Control fees & Property Tax Bill) per the rent control ordinance of the City of Santa Monica. In October 2024 the landlord performed maintenance on the property not limited to having Western Exterminator perform a termite inspection and subsequent repairs to exterior facia, ceiling infestation in one apartment, minor repair to exterior side gate north side of apartment one, replaced drain cap to for drain inspection pipe in garage and patched the wall, replaced wood slats for several apartment patios, minor roof patching, main drain inspection by Santa Monica drain company, no corrective measures were deemed necessary, some smoke and carbon monoxide detectors were updated or replaced and minor exterior paint touch up.
Financial Summary (Pro forma - 2023) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2023) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $3,204,712 CAD | Apartment Style | Low Rise |
| Price Per Unit | $457,816 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 4.62% | Building Size | 5,238 SF |
| Gross Rent Multiplier | 13.79 | Average Occupancy | 100% |
| No. Units | 7 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1976/2024 |
| Property Subtype | Apartment | Parking Ratio | 1.72/1,000 SF |
| Price | $3,204,712 CAD |
| Price Per Unit | $457,816 CAD |
| Sale Type | Investment |
| Cap Rate | 4.62% |
| Gross Rent Multiplier | 13.79 |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 5,238 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1976/2024 |
| Parking Ratio | 1.72/1,000 SF |
Unit Amenities
- Air Conditioning
- Eat-in Kitchen
Site Amenities
- 24 Hour Access
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 2 | - | 771 - 883 |
| 1+1 | 4 | - | 561 |
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Walk Score ®
Very Walkable (87)
Bike Score ®
Biker's Paradise (98)
PROPERTY TAXES
| Parcel Number | 4275-013-025 | Total Assessment | $634,523 CAD (2024) |
| Land Assessment | $132,036 CAD (2024) | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $502,487 CAD (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
4275-013-025
Land Assessment
$132,036 CAD (2024)
Improvements Assessment
$502,487 CAD (2024)
Total Assessment
$634,523 CAD (2024)
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2023
zoning
| Zoning Code | SMR2* (SMR2 = Low Density Residential) |
| SMR2* (SMR2 = Low Density Residential) |
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Capital RE Group
1523 18th St
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