1423 Euclid St

Offering Memorandum

Prime Santa Monica Location

Summary

Santa Monica Beach Landscape Skyline Taken from the Pier.jpg

UNITS

YEAR BUILT

GROSS SF

LOT SF

APN

ZONING

1974

12,159

7,511

4282-022-021

SMR3*

Opportunity

Introducing 1423 Euclid St, an 11-unit multifamily building in prime Santa Monica. First time on the market in decades, this 1974-built, 3-story property stands as an outstanding investment opportunity. Priced competitively at $418K per unit and $378 per square foot, it features large, spacious units, balconies, locked gated entry, and abundant parking with 8 individual spaces in a gated semi-subterranean garage plus 5 separate garages off the back alley, presenting multiple ADU possibilities. Currently, the building is fully occupied.

The property offers an attractive 27% upside in rents, highlighting its significant value-add potential. This is further amplified by recent upgrades including a 2023-installed hot water boiler, a 5-year-old roof, and partial sewer and electrical improvements. Pedestrian walkways on each floor were also resealed about five years ago.

Boasting an incredible Walk Score® of 89 of 100, the building is a "Very Walkable," strategically located mere blocks from Downtown Santa Monica. This location provides tenants virtually unlimited shopping, dining, and entertainment options. For investors aiming to diversify, this property is being offered side by side with 1427 Euclid, a 6-unit building. Both properties can be purchased individually or together, providing flexibility in investment strategies.

With its unique blend of immediate income potential, future value upside, and a competitive price point, 1423 Euclid St stands as an exceptional investment opportunity.

Prime Location

Santa Monica

Santa Monica is a beachside city of 8.3 square miles on the westside of Los Angeles County. Offering an environment of unparalleled natural beauty, the city is home to a mix of residential communities, commercial districts, and recreational venues. Recently named by National Geographic as one of the Top "10 Beach Cities in the World" and by TIME as one of the "Best Places to Live", Santa Monica features three miles of Pacific beaches and the Santa Monica Pier. Santa Monica’s residential population is approximately 93,000, increasing to an estimated 250,000 during the day with tourists, shoppers, and employees. Tourism attracts over 8 million visitors annually.