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$5,250,000
Est. payment /mo
18,832 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 18,832 sqft
Price per Sqft $278
MLS Listing ID CL25630313
HOA Y/N No
Year Built 1959
Lot Size 0.345 Acres
Acres 0.3445
Property Sub-Type Other
Property Description
1243 & 1247 12th St consist of two adjacent ten-unit apartment buildings located between Wilshire Blvd and Arizona Ave in prime Santa Monica, approximately 12 blocks from the beach. Built in 1959, the properties total 18,832 square feet of improvements on a 15,007-square-foot double lot with two separate APNs, offering long-term ownership, financing, and disposition flexibility. Each building is approximately 9,416 square feet, and together the portfolio features an attractive and highly functional 20-unit mix comprised of (4) 1-bed/1-bath, (6) 2-bed/1.5-bath, (6) 2-bed/2-bath, (2) 3-bed/1.5-bath, and (2) 3-bed/2-bath units. This balanced mix appeals to a wide renter base and positions the asset for long-term revenue growth as turnover occurs. The property provides 22 parking spaces, including six tandem spaces at the front and ten standard spaces at the rear, along with a controlled-access, gated entry and on-site laundry facilities. The soft-story seismic retrofit has been completed (buyer to verify). Priced at an attractive basis compared to recent sale comparables at $327k/unit and $428/square-foot, with strong underlying land value and scale in one of the Westside's most supply-constrained submarkets. 1243 & 1247 12th St offer investors a rare opportunity to acquire two contiguous buildings in an irreplaceable coastal location with meaningful operational and appreciation upside.
Location
State CA
County Los Angeles
Zoning SMR3*
Interior
Heating Wall Furnace
Cooling None
Fireplace No
Building
New Construction No
Others
Tax ID 4282005018
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Listed by Benjamin Lewin • Marcus & Millichap