Santa Monica Complex Closes at $8M

The site is one of the prime locations in Santa Monica, directly across the street from the bluffs overlooking the Santa Monica Beach. The bluffs, which extend for more than 1 1/2 miles along Pacific Coast Highway, are home to the 100-year-old Palisades Park and a popular place for jogging, picnics, and families on casual strolls.

The principals did not disclose the selling price, but Vince Norris of Delson/Norris/Fisher in Woodland Hills, CA who represented the buyer, tells GlobeSt.com that the property went for "very close to its asking price" of $8 million. The buyer acquired the property from the Corrigan family of Santa Monica, whose members had owned it since 1985.

Norris says the complex, built in 1949, has only traded hands once before. He says the new owner plans to rehabilitate and upgrade the property although it is "in excellent condition" in light of its age.

The Teriton, a one-building property, is of two-story, wood-frame construction. It includes 19 one-bedroom units, eight two-bedroom units and one three-bedroom unit, all but three of which were occupied at the time of the sale.

Through an agreement between the buyer and the seller, Norris tells GlobeSt.com, some units were delivered vacant at the close of escrow. This arrangement is not unusual in Santa Monica, where buyers often prefer to have some empty units that they can renovate and raise to market rents.

Units at the Teriton range from 700-sf, one-bedrooms to the 1,500-sf, three-bedrooms with den. All units have hardwood floors smooth plaster walls and ceilings and some have private enclosed balconies and/or private enclosed garages. Neither the principals nor Norris would disclose the rents, but public records of the Santa Monica Rent Control Board show that maximum allowable rents under city rent control range from $577 to $2,700 at the complex.