Santa Monica, CA – Eric von Bluecher, with Lee & Associates-North San Diego County’s Multifamily Advisory Group, has completed the investment sale of a 6-unit multifamily building at 1326 Yale, in Santa Monica, CA. The property featured two vacant units, providing an outstanding value-add investment opportunity for the buyer.
The property sold at a cap of 3.55% on current rents and 6.28% cap on market rents, which is the 7th-lowest reported cap rate in Santa Monica over the last twelve months.
The buyer will benefit with nearly 44% upside in rents, two units immediately available for renovation, multiple storage units available for additional income, and a low price-per-foot of $435.
Eric von Bluecher represented the Seller, PI Properties, and the Buyer, AMDG Yale Properties, LLC, in the transaction.
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