1047 Ocean Park Blvd
7 Unit Apartment Building $2,850,000 ($407,143/Unit) 4.33% Cap Rate Santa Monica, CA 90405



INVESTMENT HIGHLIGHTS
- Prime Santa Monica location - just east of Lincoln Blvd
- Approx. 35% rental upside available
- Once rented for market, property will operate at a 6.51% CAP and 10.97 GRM
- Unit mix of (1) 2+1 Townhouse, (4) 2+1, and (2) Studio+1 units
- 5,296 sqft building on 6,617 sqft corner lot
- 10 Parking spaces on site
EXECUTIVE SUMMARY
** SELLER FINANCING of $1,700,000 at a 4.52% Rate Available through 2032 (7 full years at 60% LTV)**
1047 Ocean Park Blvd is a 5,296-square-foot, seven-unit
apartment building situated on a 6,617-square-foot
corner lot, just east of Lincoln Blvd and less than a mile
from the ocean. The property features a mix of five 2-
bedroom/1-bathroom units, including one townhouse,
and two studio units. It also provides a total of ten parking
spaces, offering convenience and accessibility for
tenants.
The property has undergone significant upgrades in
recent years. Select units have been updated with maple
and laminate flooring, and the building was retrofitted
within the last two years. Foundational work was
completed in 2023, while a new concrete driveway was
paved in November 2022.
This property offers strong rental upside with a pro-forma
cap rate of 6.51% and a pro-forma GRM of 10.97. Its prime
Santa Monica location combined with its recent
improvements and competitive financing options, this
property is a great investment opportunity with room for
growth.
1047 Ocean Park Blvd is a 5,296-square-foot, seven-unit
apartment building situated on a 6,617-square-foot
corner lot, just east of Lincoln Blvd and less than a mile
from the ocean. The property features a mix of five 2-
bedroom/1-bathroom units, including one townhouse,
and two studio units. It also provides a total of ten parking
spaces, offering convenience and accessibility for
tenants.
The property has undergone significant upgrades in
recent years. Select units have been updated with maple
and laminate flooring, and the building was retrofitted
within the last two years. Foundational work was
completed in 2023, while a new concrete driveway was
paved in November 2022.
This property offers strong rental upside with a pro-forma
cap rate of 6.51% and a pro-forma GRM of 10.97. Its prime
Santa Monica location combined with its recent
improvements and competitive financing options, this
property is a great investment opportunity with room for
growth.
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
---|---|---|
Gross Rental Income |
$99,999
![]() |
$9.99
![]() |
Other Income |
$99,999
![]() |
$9.99
![]() |
Vacancy Loss |
$99,999
![]() |
$9.99
![]() |
Effective Gross Income |
$99,999
![]() |
$9.99
![]() |
Taxes |
-
![]() |
-
![]() |
Operating Expenses |
-
![]() |
-
![]() |
Total Expenses |
$99,999
![]() |
$9.99
![]() |
Net Operating Income |
$99,999
![]() |
$9.99
![]() |
PROPERTY FACTS
Price | $2,850,000 |
Price Per Unit | $407,143 |
Sale Type | Investment |
Cap Rate | 4.33% |
Gross Rent Multiplier | 14.83 |
No. Units | 7 |
Property Type | Multifamily |
Property Subtype | Apartment |
Apartment Style | Low Rise |
Building Class | C |
Lot Size | 0.15 AC |
Building Size | 5,296 SF |
Average Occupancy | 100% |
No. Stories | 2 |
Year Built | 1947 |
Parking Ratio | 1.51/1,000 SF |
UNIT AMENITIES
- Air Conditioning
- Kitchen
- Sprinkler System
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Walk-Up
- Smoke Detector
1 of 1
Walk Score®
Walker's Paradise (91)
Bike Score®
Biker's Paradise (90)
PROPERTY TAXES
Parcel Number | 4284-009-001 | Improvements Assessment | $120,397 |
Land Assessment | $90,832 | Total Assessment | $211,229 |
ZONING
Zoning Code | SMR3YY |