843 16th Street, , Santa Monica, California 90403
(Sold At) $6,000,000
Property Details
Property Description
Prime NORTH OF WILSHIRE LOCATION! Just South of Montana Avenue in the most desirable area of Santa Monica. DOUBLE LOT with LARGE units! Franklin School District. Copper plumbing throughout. Lots of closet space. All Units except for the 1 bedroom unit have balconies. Ample parking. Individually Metered. Improvements of approximately $170, medicine 000 include roofing repairs, view garage repairs, viagra partial renovation of several units and a comprehensive renovation of unit 206. New laundry machines & new building entry system.
DRIVE BY ONLY, DO NOT DISTURB TENANTS
Property Summary
The property is located in the most sought after prestigious Santa Monica Beach location. Property is within walking distance and just 1 block south of trend setting Montana Avenue, the vibrant well-known shopping and restaurant destination. The North of Wilshire Boulevard address has been the most desirable neighborhood in Santa Monica Beach for decades. Demand for this area remains very high with a very low supply of available properties. Just 16 Blocks from the Ocean and close to the high end neighboring communities of Venice Beach, Pacific Palisades and Brentwood.
Santa Monica continues to be a growing vibrant diverse economy with headquarters of many high profile entertainment and technology corporate firms. This world renowned beach community estimates to attract over 5 million visitors annually. Home of the Third Street Promenade, numerous galleries including Bergamot Station and soon to have the much anticipated Expo Line.
Existing Financing
1) $3,000,000 With Chase
2) Interest Rate: 3.58% thru May 2017; Libor+225 thereafter (3.95% floor).
3) Maturity: May 1, 2042
4) Prepayment Premium: 2% through May 2016, 1% through May 2017.
5) Transfer Provisions: Lender may allow transfer without loan prepayment, subject to: loan app for transferee to be considered by Lender, including new appraisal, and may require 1% Consented Transfer Fee (in Lender’s discretion), and will require repayment of Lender’s costs; nonrefundable review fee (per Lenders’ fee schedule in effect at time), attorney fees, out-of-pockets, document prep fees, etc.
UNIT MIX:
10 Two Bedroom – 2 Bath
1 One Bedroom – 1 ½ Bath
2 Two Bedroom TH – 2 ½ Bath
Unit # Unit Mix Current Rent Move In Date
101 2 Bedroom – 2 Bath $ 2,565 04-04-2012
102 2 Bedroom – 2 Bath $ 1,963 04-04-2012
103 Townhouse 2 Bed – 2 ½ Bath $ 3,100 12-09-2014
104 Townhouse 2 Bed – 2 ½ Bath $ 2,565 04-04-2012
105 2 Bedroom – 2 Bath $ 2,018 04-04-2012
106 2 Bedroom – 2 Bath $ 2,843 04-04-2012
201 2 Bedroom – 2 Bath $ 1,494 04-04-2012
202 2 Bedroom – 2 Bath $ 3,200 03-03-2015
203 2 Bedroom – 2 Bath $ 1,984 04-04-2012
204 2 Bedroom – 2 Bath $ 2,700 12-20-2013
205 2 Bedroom – 2 Bath $ 2,060 04-04-2012
206 2 Bedroom – 2 Bath $ 3,700 05-21-2015
207 1 Bedroom – 1 ½ Bath $ 1,930 04-04-2012
Laundry $ 275
Total Monthly Scheduled Income: $ 32,397
Total Yearly Scheduled Income: $ 388,764
ESTIMATED ANNUAL UTILITIES & INSURANCE
EXCLUDING New Taxes
Insurance $ 3,100
Water /Sewer $ 7,500
Trash $ 2,500
Gas $ 2,500
Electric $ 2,500
Total: $18,100
Location
843 16th Street, , Santa Monica, California 90403
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