Exclusively Listed: 1147 6th Street, Santa Monica, CA 90403
Description:
Los Angeles Multifamily is pleased to introduce for sale 1147 6th Street, a 20 unit property in Santa Monica near the 3rd Street Promenade. Offering 500-700 SF 1-bedroom and Junior 1-bedroom units in an ultra prime location with walkable retail and dining options. The building consists of (16) Junior alcove 1 bedroom 1 bath units, and (4) 1 bedroom 1 bath units. The property boasts strong in place cash flow with rental upside coming from at least 2 ADUs that could be added to the property. The secure entryway, center hallway, offers a character building in a super location to an affluent renter demographic. The building is master-metered for gas and has street parking only. The property size offers immediate scale and a strong foothold in one of the West Side of Los Angeles most desirable submarkets.
| Proposed Financing | Investment |
|---|---|
| Down Payment % | 40% |
| Down Payment $ | $2,798,000 |
| First Loan Amount | $4,197,000 |
| Terms | 30 |
| Interest Rate | 5.75% |
| Monthly Payment | $24,492.55 |
| Annual Debt Service | $293,910.63 |
| DSCR | 1.20 |
Interested?
| Metric | Est Current | Est Market | Est Current with ADU |
|---|---|---|---|
| Price | $6,995,000 | $6,995,000 | |
| Down Payment (40%) | $2,798,000 | $2,798,000 | |
| ADU Cost | $320,000 | ||
| Number of Units | 20 | 22 | |
| Cost per Unit | $365,000 | ||
| GRM | 12.18 | 11.24 | 11.07 |
| CAP | 5.05% | 5.46% | 5.87% |
| Year Built / Age | 1929 | ||
| Approx. Lot Size | 7,505 | ||
| Approx. Bldg SF | 12,327 | ||
| Cost per Net RSF | $567.45 | ||
| APN: | 4292-005-013 |
| Unit # | Type | Est SF | Notes | Move In Date | Current 1+1 | Market Rents | Market Rents w/ADU |
|---|---|---|---|---|---|---|---|
| 101 | 1+1 | 725 | Occupied | 10/16/2022 | $2,941.00 | $2,875 | $2,875 |
| 102 | 1+1 | 725 | Occupied | 4/19/2025 | $2,875.00 | $2,875 | $2,875 |
| 103 | Jr 1+1 | 600 | Occupied | 9/23/2020 | $2,125.00 | $2,500 | $2,500 |
| 104 | Jr 1+1 | 600 | Occupied | 6/25/2022 | $2,496.00 | $2,500 | $2,500 |
| 105 | Jr 1+1 | 600 | Occupied | 10/15/2020 | $2,018.00 | $2,500 | $2,500 |
| 106 | Jr 1+1 | 600 | Eviction | $2,500.00 | $2,500 | $2,500 | |
| 107 | Jr 1+1 | 600 | Occupied | 2/5/2023 | $2,433.00 | $2,500 | $2,500 |
| 108 | Jr 1+1 | 600 | Occupied | 1/1/2025 | $2,100.00 | $2,500 | $2,500 |
| 109 | Jr 1+1 | 600 | Vacant | $2,500.00 | $2,500 | $2,500 | |
| 110 | Jr 1+1 | 600 | Occupied | 8/25/2025 | $2,350.00 | $2,500 | $2,500 |
| 201 | 1+1 | 725 | Occupied | 4/6/2025 | $2,975.00 | $2,875 | $2,875 |
| 202 | 1+1 | 725 | Occupied | 5/26/2022 | $2,847.50 | $2,875 | $2,875 |
| 203 | Jr 1+1 | 600 | Occupied | 12/1/2024 | $2,100.00 | $2,500 | $2,500 |
| 204 | Jr 1+1 | 600 | Occupied | 4/28/2025 | $2,300.00 | $2,500 | $2,500 |
| 205 | Jr 1+1 | 600 | Occupied | 9/20/2025 | $2,250.00 | $2,500 | $2,500 |
| 206 | Jr 1+1 | 600 | Occupied | 6/12/2017 | $2,307.39 | $2,500 | $2,500 |
| 207 | Jr 1+1 | 600 | Occupied | 5/17/2025 | $2,275.00 | $2,500 | $2,500 |
| 208 | Jr 1+1 | 600 | Occupied | 2/24/2001 | $1,772.39 | $2,500 | $2,500 |
| 209 | Jr 1+1 | 600 | Occupied | 6/2/2024 | $2,507.00 | $2,500 | $2,500 |
| 210 | Jr 1+1 | 600 | Occupied | 9/5/2013 | $1,842.39 | $2,500 | $2,500 |
| A | Bachelor ADU | 300 | $1,600 | ||||
| B | Bachelor ADU | 300 | $1,600 | ||||
| Monthly Scheduled Rent | $47,514.67 | $51,500 | $54,700 | ||||
| Annual Scheduled Rent | $570,176.04 | $618,000 | $656,400 | ||||
| Monthly Laundry Income | $350 | $350 | $350 | ||||
| Annual Laundry Income | $4,200 | $4,200 | $4,200 | ||||
| Annual Total Income | $574,376.04 | $622,200 | $660,600 |
| Est. Expenses | Explanation | Current |
|---|---|---|
| Taxes (New) | 1.25% of New Price | $87,437.50 |
| Insurance (Est) | Historical | $14,355.00 |
| Maintenance (Est) | 5% of EGI | $27,282.86 |
| City Fees | Historical | $4,742.00 |
| Off Site Mgt | 4% of EGI | $21,826.29 |
| Utilities | Historical | $32,684.00 |
| Landscaping | $200/month | $2,400.00 |
| On-site Mgr | $150/month | $1,800.00 |
| Total Expenses | $192,527.65 |
| Est Annual Operating Data | Est. Current | Est. Market | ||
|---|---|---|---|---|
| Scheduled Gross Income | $574,376.04 | $622,200.00 | ||
| Vacancy Rate Reserve | $(28,718.80) | 5% | $(31,110.00) | 5% |
| Gross Operating Income | $545,657.24 | $591,090.00 | ||
| Expenses 1 | $(192,527.65) | 35.3% | $(192,527.65) | 31% |
| Net Operating Income | $353,129.59 | $398,562.35 | ||
| Loan Payments | $(293,910.63) | $(293,910.63) | ||
| Pre-Tax Cash Flow 2 | $59,218.95 | 2.1% | $104,651.72 | 3.7% |