1837 18th St, Santa Monica, CA 90404

Nov 13

Written By Jake Glaser

7 Spacious Units in Santa Monica | 11.99 GRM & 5.6 % Cap Rate

Sold: $3,250,000

Property Highlights

Well-maintained 1990 built 7-unit asset in Santa Monica
4/7 units not subject to local rent control restrictions
Strong mix of (6) 2BR/2BA units and (1) 3BR/2BA unit
All units average over 1000 SF and have in-unit W/D
Upgraded interiors, recent termite remediation, brand new roof
13 subterranean parking spaces plus 3 above ground garagesSeparately metered for all utilities
A+ Location nearby major employment hubs, world class dining, boutique retail, and the beach

The Deal Story

The Glaser Group is proud to announce the closing of 1837 18th Street in Santa Monica, a well-maintained 7-unit property built in 1990 featuring (6) spacious two-bedroom units, (1) three-bedroom unit, 13 subterranean parking spaces, and a brand-new roof.

Our team represented the Buyers, who come from a family legacy of investment real estate and closed this acquisition as their first joint venture under Harper Equity. Our team moved quickly to secure the opportunity, coordinate financing, and navigate escrow to a smooth closing.

The Seller, represented by John Katnik of BRC Advisors, was ready to simplify her portfolio after years of hands-on ownership and 1031 exchange into a newer construction triplex.

The property sold for $3,250,000, equating to $464,285 per unit, $451/SF, at a 5.6% Cap Rate and 11.98 GRM. Four of the seven units are not subject to rent control, and one unit was delivered vacant.

If you’re considering a sale or acquisition, contact The Glaser Group at (310) 230-5157.