Offering Highlights

  • Offer Price:

    $2,765,000

  • Price/SF:

    $770.19

  • Price/Unit:

    $460,833

  • Units:

    6

  • Net Reantable Area:

    3,590

  • Cap Rate:

    3.96%

  • GRM:

    16.64

  • Status:

    Under Contract

Property Overview:

The Liberow Group and The LAAA Team of Marcus & Millichap are pleased to present this 6-unit apartment building in the heart of Santa Monica, California.

Three of these units are bungalow style and sit on a 8,273 square feet corner lot with 3,590 square feet of rentable area. The offering comprises of One-Bedroom and Studio units, all with private yards and balconies. This former 4-unit building has recently been upgraded to a fully permitted 6-units, with half of the units extensively renovated. This opportunity allows an investor to capture around 45% upside by renovating the remaining three units and achieving pro forma rents. Unit A is substantially below fair market rent and is an unrenovated end unit located on the Southwest corner of 23rd and Oak Street. This unit includes a private front, side, and a sizeable rear yard. Unit B is also substantially below fair market rent and is an unrenovated unit fronting 23rd Street, with private front and rear yards. Unit C has been rebuilt extensively with new roofing, new windows, 13-foot ceiling height at its apex, new appliances, hardwood flooring, extensive and over-abundant cabinetry, washer/dryer in-unit, new LED lighting, and a fully renovated bedroom and bathroom. The tenants of this unit also enjoy large, fully private front, side, and back yards. Additionally, this particular unit has a rear deck, which includes a beautiful fruit tree. Unit D has a large, second-story balcony and front awning. This unit remains unrenovated and is substantially below fair market rent. This unit includes a private stairwell and one on-site parking stall. Unit E was a non-conforming studio unit which is now a permitted unit with a large exclusive patio area with pavers and private fencing. This unit’s renovations include new appliances, hardwood flooring, new windows, extensive cabinetry, washer/dryer in-unit, new LED lighting, fully renovated bathroom, studio, kitchen areas, and a large walk-in closet. Unit F is a permitted ADU studio converted from a former two-car garage with an exclusive patio area with pavers and private fencing. This unit includes new appliances, new windows, hardwood flooring, extensive cabinetry, washer/dryer in-unit, new LED lighting, and a fully renovated bathroom, studio, and kitchen area.

This is an excellent opportunity for a buyer to acquire a unique type of property located in a prime location with strong income and excellent upside potential for future cash flow and appreciation.

 

Highlights:

*Built in 1937 / Renovated in 2021

*Approximately +/- 45% Upside in Rents

*Three Bungalow Style Units

*Three Units Renovated

*Separately Metered for Gas & Electric

*Electrical Panel Upgrades

*New Landscaping

*Private Side and Back Yards

*Two Blocks from Clover Park

*Walk Score of 85

 

 

Exclusively listed by:

Sam Liberow
Senior Vice President Investments
Direct: 818-212-2795
Cell: 718-406-3128
SLIBEROW@MARCUSMILLICHAP.COM

CA: 01933858

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