Commercial For Sale | Multifamily | Apartment building / Low Rise / Garden Style / 1-3 stories high
2683 34th Street . Sunset Park , CA 90405
For sale 12 units locate at Santa Monica, California. For more information, please contact the listing agent, Aida Memary 818-212-2678
Posted: 10/13/2020 4:28 pm
| On HOMEiZ: 1301 days |
Updated: 3 years ago
| Views: 576
Location Map
Property Type
Sold
Property Price
$4100000
$4100000
10/13/2020
8,875.00
Sq. Ft.
$660
6208
Contact listing agent%
4.72%
$0
$193520
14.40
1.25%
$51250
Property Location & Description
For sale 12 units locate at Santa Monica, California. For more information, please contact the listing agent, Aida Memary 818-212-2678
Rent Control
e 12 units located at 2683 34th Street, in Santa Monica,
California. Built in 1959, the asset sits on 8,874 square feet of land with 6,208 square feet of rentable area and consists of (6) Studio / 1-Bath Units and (6) 1-
Bed / 1-Bath Units.
This value add opportunity allows an investor to capitalize on over 20% rental upside potential, while still getting in at a great day-1 CAP rate of 4.72%.
Another excellent opportunity to add value would be to build ADUs on this lot. With the new, relaxed ADU laws passed last year, adding ADUs to this building
would be quicker and easier than ever before. Both the garages in the front and in the back of the lot present the ideal location for the ADUs to be cheaply
built on top of the garages.
The property boasts a very good amount of parking for the tenants, and this parking also brings in $14,400 of extra income each year. In total, there are 10
garage parking spaces for these 12 units, with additional surface parking in the middle of the lot.
The property is located in an central rental market of Santa Monica, directly adjacent to Sawtelle, West LA, and Mar Vista.
Furthermore, the property is walking distance to the following: Santa Monica College, Trader Joes, Whole Foods, 24 Hour Fitness, Pavilions, Bank of America,
Wells Fargo Bank, Ocean Park Pharmacy, and countless other boutique restaurants, juice bars, and shops.
12
$341667
No.
Description
No. Units
Sq. Ft.
Avg. Mo. Rent
1.
0+1
6
2.
1+1
6
3.
4.
5.
4270-017-019
R4
100%
Wood & Stucco
1
1959
Good
Great Santa Monica Location
Over 33% Upside in Rent
All New Copper Plumbing
No Soft Story Retrofit Required
Great Potential for ADU’s
Extremely Walkable Location
Property Information
Sewer
Sewer System (Public)
Parking
Garage - Attached
On-street
Assigned Parking
18
Investment Overview
Investor
Energy Efficiency
No
No Data
N/A
N/A
No
No
No
No
Neighborhood lifestyle
College Students
Urban Core
More information
20-626408
Listing Presented by
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