2408 Ocean Park Blvd
10 Unit Apartment Building $3,875,000 ($387,500/Unit) 5.56% Cap Rate Santa Monica, CA 90405
EXECUTIVE SUMMARY
Major changes! Updated 10-unit building in Santa Monica. This is a prime location close to everything. Restaurants, ocean and all the west side has to offer. The building has just been painted, dual-pane windows have been installed, and a new roof within the last two years, the building has been repiped and had a lot of new electrical done. The building has completed the soft story retrofit work and had new earthquake valves installed. Eight of the units have just been remodeled, 1 units is vacant and being advertised. Most of the kitchens have new cabinets, counters, sinks, and faucets. Some have new tile and all units are freshly painted. Several units have received new flooring. Most of the bathrooms have had total or partial remodels. Most of the units have new appliances installed. There is covered parking for 10 cars.
For access and showings call Harvey Stern 310 741-3636. There is a new washer and dryer on the premises that is fully owned. The owner has invested a lot of money over the last two years. The vacancy and expenses are estimated as the building has been in the remodeling phase for almost two years. One of the best priced buildings in Santa Monica with a great CAP rate.
For access and showings call Harvey Stern 310 741-3636. There is a new washer and dryer on the premises that is fully owned. The owner has invested a lot of money over the last two years. The vacancy and expenses are estimated as the building has been in the remodeling phase for almost two years. One of the best priced buildings in Santa Monica with a great CAP rate.
PROPERTY FACTS
| Price | $3,875,000 |
| Price Per Unit | $387,500 |
| Sale Type | Investment |
| Cap Rate | 5.56% |
| Gross Rent Multiplier | 14.43 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 9,106 SF |
| No. Stories | 2 |
| Year Built | 1961 |
| Parking Ratio | 1.62/1,000 SF |
UNIT AMENITIES
- Air Conditioning
- Dishwasher
- Disposal
- Heating
- Tile Floors
- Kitchen
- Range
- Double Pane Windows
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 5 | - | 500 |
| 2+1 | 2 | - | - |
| Studios | 3 | - | - |
Walk Score®
Very Walkable (75)
Bike Score®
Biker's Paradise (93)
PROPERTY TAXES
| Parcel Number | 4272-023-031 | Improvements Assessment | $1,196,460 |
| Land Assessment | $2,783,070 | Total Assessment | $3,979,530 |
ZONING
| Zoning Code | R3 (Multiple Dwelling) |
