Chez Cannes Apartments 1117 6th St 27 Unit Apartment Building $16,463,360 CAD ($609,754 CAD/Unit) 4.72% Cap Rate Santa Monica, CA 90403

1117 6th Street presents a rare opportunity to acquire a well-located, 27-unit multifamily asset in the heart of Santa Monica, just six blocks from the beach
and within walking distance to the world-renowned 3rd Street Promenade. Built in 1971 and offered for sale for the first time in over 40 years, the property
spans approximately 29,535 square feet on a 14,800 square foot lot and offers an ideal unit mix for the local tenant base: nine (9) 1-bedroom/1-bath units, ten
(9) 1-bedroom/1.5-bath units with dens, six (7) 2-bedroom/2-bath units, and two (2) 2-bedroom/2-bath units with dens. Many units feature spacious floor
plans, ample closet space, and extra storage. The building has undergone recent capital improvements, including a new roof installed just two years ago and
completed balcony inspections and repairs, reducing near-term capital needs. Residents enjoy 40 gated garage parking spaces, controlled-access entry, onsite
laundry facilities, and an elevator, all of which enhance tenant convenience and retention.
The property is attractively priced at under $400 per square foot, offering investors significant value relative to comparable assets in this supply-constrained
coastal market. With stable in-place income and meaningful upside through interior renovations and tenant turnover, 1117 6th Street presents a compelling
blend of immediate cash flow and long-term appreciation potential. Situated in one of Southern California’s most desirable rental markets—with walkable
access to retail, dining, employment centers, and transit—this asset is well-positioned for investors seeking a well-maintained building with growth potential.