1017 5th St

Investment Highlights

Property Overview

An exceptional opportunity awaits to acquire a meticulously remodeled 11-unit apartment building located in one of Santa Monica's most coveted North of Wilshire neighborhoods. This property at 1017 5th Street offers a rare combination of a trophy-quality location, high-end renovated units, and investment returns that are exceedingly difficult to find in prime Santa Monica. The offering presents a compelling 5.75% current cap rate and 12.39 GRM, providing investors with strong in-place cash flow, with potential for a 7.13% cap rate and 10.45 GRM on pro forma rents, indicating approximately 19% remaining rental upside. The property has undergone extensive upgrades, featuring beautifully remodeled, high-end units designed to attract Santa Monica's premium renter base. This is not a heavy value-add project requiring years of construction, tenant turnover, and significant capital expenditures. The work has largely been completed, creating an exceptionally easy-to-own and easy-to-manage asset with robust income from day one. Situated in a highly desirable area, the property benefits from its proximity to the beach, Montana Avenue, and the vibrant Santa Monica community. This investment is ideal for those seeking a stable, high-quality asset in a prime coastal market with strong rental demand and long-term appreciation potential.