Commercial For Sale | Multifamily | Apartment building / Low Rise / Garden Style / 1-3 stories high
2626 Cloverfield Boulevard . Santa Monica , CA 90405
12 Unit building with 10 fully renovated vacancies in Prime Santa Monica cash flowing at an incredible Current Cap Rate of 4.5% and 15.4 GRM from day 1! Priced at only 466k/door for renovated units with an amazing upside to 5.2% Cap Rate and 13.8 GRM on the proforma. Delivered with 10 fully renovated vacancies with permits including 8 vacant units plus 2 vacant brand-new attached ADUs. The vacancies have been completely renovated with permits and boast a high-end aesthetic with new modern cabinets, flooring, recessed lighting, new bathrooms, stainless steel appliances, washer/dryer inside, as well as major exterior capital improvements. Notably, there are Preliminary Plans for 2 additional detached ADUs over the open parking lot in the back that offer exceptional future upside potential. Contact , Listed by Armin Soleimani •DRE #01846872 • Global Platinum Properties, Inc. •310-666-2246 (agent) •arminsoleimani@gmail.com (agent) Listed by Julio Ruiz •DRE #01911261 • Global Platinum Properties, Inc.
Posted: 08/16/2022 12:35 pm
| On HOMEiZ: 626 days |
Updated: 3 days ago
| Views: 959
| Saved to favorites: 2
Location Map
Property Type
Price reduced
Property Price
$4995000
$
N/A
6,046.00
Sq. Ft.
$719
6948
2.5%
4.75%
$371472
$237263
13.00
$90326
1.25%
$62438
Property Location & Description
12 Unit building with 10 fully renovated vacancies in Prime Santa Monica cash flowing at an incredible Current Cap Rate of 4.5% and 15.4 GRM from day 1! Priced at only 466k/door for renovated units with an amazing upside to 5.2% Cap Rate and 13.8 GRM on the proforma. Delivered with 10 fully renovated vacancies with permits including 8 vacant units plus 2 vacant brand-new attached ADUs. The vacancies have been completely renovated with permits and boast a high-end aesthetic with new modern cabinets, flooring, recessed lighting, new bathrooms, stainless steel appliances, washer/dryer inside, as well as major exterior capital improvements. Notably, there are Preliminary Plans for 2 additional detached ADUs over the open parking lot in the back that offer exceptional future upside potential. Contact , Listed by Armin Soleimani •DRE #01846872 • Global Platinum Properties, Inc. •310-666-2246 (agent) •arminsoleimani@gmail.com (agent) Listed by Julio Ruiz •DRE #01911261 • Global Platinum Properties, Inc.
Rent Control
10 Unit building with 6 vacancies and preliminary plans for 4 ADUs in Prime Santa Monica priced at only 388k/door for mostly vacant units. Incredible current 5% Cap Rate and 14.6 GRM after renovations with upside to 6.4% Cap Rate and 12.1 GRM on the proforma. There are Preliminary plans to add 4 ADUs including 2 Attached Studio units in the Garages + 2 detached one-bed units in the back parking area. The building is within walking distance to Clover Park and many businesses and restaurants along Ocean Park Blvd. This is a true value-add opportunity in Santa Monica and a perfect 1031 exchange opportunity. Santa Monica has become a new hub for many tech companies as they are extending their offices in Santa Monica. In recent years, the area has transformed into a headquarters hub, home to some of the most recognized companies in the world including Beach Body, Lionsgate, Tastemade, and ZipRecruiter, The Honest Company, among many others. Santa Monica has become one of LA's hottest and most expensive neighborhoods bursting with restaurants, art galleries, shopping, and tech/entertainment/media headquarters. Price/Unit, Cap Rate, & GRM are based on Total Price for sake of conservatism, which includes construction costs of ADUs.
The property is located in the heart of Santa Monica just minutes away from the Beach and within close proximity to Santa Monica Business Park as well as hip neighborhood attractions, restaurants, bars, and shops such as Layla Bagels, Local Kitchen & Wine Bar, Estate Coffee, and many more popping up all around the area.
14
$356786
No.
Description
No. Units
Sq. Ft.
Avg. Mo. Rent
1.
1+1
11
$2201
2.
0+1
3
$2250
3.
4.
5.
4273-012-016
SMR3
40%
Wood & Stucco
2
1966 Year Renovated
Very good
10 Unit building with 6 vacancies and Plans for 4 ADUs in Prime Santa Monica priced at only 388k/door for mostly vacant units
Preliminary plans to add 4 ADUs including 2 Attached Studio units in Garages + 2 detached one bed units in the back parking area
Preliminary plans to add 4 ADUs including 2 Attached Studio units in Garages + 2 detached one bed units in the back parking area
Property Information
Sewer
Sewer System (Public)
Parking
Off-street
Assigned Parking
No Data
Investment Overview
Investor
Energy Efficiency
No
No Data
N/A
N/A
No
Yes
No
No
Neighborhood lifestyle
Urban Core
More information
http://www.globalmajorproperties.com/author/armin/
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