Assumable Debt at 3.3% Interest Rate | 301 Ashland Ave
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Assumable Debt at 3.3% Interest Rate 301 Ashland Ave
9 Unit Apartment Building $6,700,000 ($744,444/Unit) 3.95% Cap Rate Santa Monica, CA 90405
Investment Highlights
- 78% of Units Have Been Upgraded with New Flooring, Stainless-Steel Kitchen Appliances, Central Heat/AC, Washer/Dryer, Countertops & More
- The Government Required Seismic Retrofit Work is Already Completed, Which Saves a New Investor Substantially in Capital and Time
- Located Three Blocks from the Beach, Residents Enjoy Convenient Access to all the Retail, Entertainment, Restaurants and Nightlife
- Attractive Assumable Financing is Available at 3.30% interest, Amortizing with a Maturity Date of March 1st, 2052
- Offering 16 On-Site Parking Spaces for 9 Units in a Neighborhood Where Parking is at a Premium
- Generates Healthy Income Stream of More than $32,500 in Scheduled Rent Per Month
Executive Summary
OFFERING PRICE IS $400,000 BELOW LAST SALE.
Exceptional 9-unit apartment building with significant upside, just 3 blocks to the beach. Seven of the nine units have been
significantly renovated, including central heat/air, in-unit washers/dryers, appliances, kitchen and bathroom remodels,
and contemporary flooring. Extensive exterior restoration including landscaping, all new windows, smooth re-stucco, hardware,
front doors, handrails, new concrete parking surfaces, new electrical panel and meters, and much more. Unit mix features five
1-bedroom units and four 2 bedrooms, 2 bath units, 2 of the units having a penthouse like feeling with private ocean view decks.
There are two long-time tenants paying a miniscule of their market-value. These two tenants have NOT been offered cash for key by current ownership.
16 off-street parking spaces.
And to “SWEETEN THE POT” a little more, there is an assumable 3.3% fixed loan for about another 7.5 years which
rolls into an ARM for the remaining 20 years.
Currently professionally managed, but ideal for easy personal management also.
Exceptional 9-unit apartment building with significant upside, just 3 blocks to the beach. Seven of the nine units have been
significantly renovated, including central heat/air, in-unit washers/dryers, appliances, kitchen and bathroom remodels,
and contemporary flooring. Extensive exterior restoration including landscaping, all new windows, smooth re-stucco, hardware,
front doors, handrails, new concrete parking surfaces, new electrical panel and meters, and much more. Unit mix features five
1-bedroom units and four 2 bedrooms, 2 bath units, 2 of the units having a penthouse like feeling with private ocean view decks.
There are two long-time tenants paying a miniscule of their market-value. These two tenants have NOT been offered cash for key by current ownership.
16 off-street parking spaces.
And to “SWEETEN THE POT” a little more, there is an assumable 3.3% fixed loan for about another 7.5 years which
rolls into an ARM for the remaining 20 years.
Currently professionally managed, but ideal for easy personal management also.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Price | $6,700,000 | Apartment Style | Low Rise |
| Price Per Unit | $744,444 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.18 AC |
| Cap Rate | 3.95% | Building Size | 7,424 SF |
| Gross Rent Multiplier | 16.97 | No. Stories | 3 |
| No. Units | 9 | Year Built | 1960 |
| Property Type | Multifamily | Parking Ratio | 2.16/1,000 SF |
| Property Subtype | Apartment |
| Price | $6,700,000 |
| Price Per Unit | $744,444 |
| Sale Type | Investment |
| Cap Rate | 3.95% |
| Gross Rent Multiplier | 16.97 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 7,424 SF |
| No. Stories | 3 |
| Year Built | 1960 |
| Parking Ratio | 2.16/1,000 SF |
Unit Amenities
- Air Conditioning
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 5 | - | 600 |
| 2+2 | 4 | - | 1,000 - 1,250 |
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Walk Score ®
Very Walkable (85)
Bike Score ®
Very Bikeable (79)
PROPERTY TAXES
| Parcel Number | 4287-022-017 | Improvements Assessment | $2,216,052 |
| Land Assessment | $5,170,788 | Total Assessment | $7,386,840 |
PROPERTY TAXES
Parcel Number
4287-022-017
Land Assessment
$5,170,788
Improvements Assessment
$2,216,052
Total Assessment
$7,386,840
zoning
| Zoning Code | SMOP2* |
| SMOP2* |
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Assumable Debt at 3.3% Interest Rate | 301 Ashland Ave
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