- Class A Location in Ocean Park neighborhood of Santa Monica (AHH Income ±$122,576 within a-mile radius)
- Walker’s Paradise (Walkscore: 91!), across the street from Santa Monica High School, and walking distance to Santa Monica Civic Center, Santa Monica Beach, Downtown Santa Monica/3rd Street Promenade, Santa Monica Pier, Metrolink light-rail station, and ALL the best amenities the city has to offer!
- Assumable Loan at 3.948% interest rate fixed until Dec 2024 (30-year term starting from Dec 2014)!
- Attractive CAP Rate with significant rental upside potential (±35%) for a very attractive proforma CAP Rate
- Seller has never attempted any buyouts! Higher natural turnover of units which provides real opportunity to unlock rental upside
- Priced very attractively compared to other on-market apartments in the same Ocean Park neighborhood!
- Easy to operate and rent 16-unit apartment 5 blocks from Santa Monica Beach
- Large and bright units (1bedroom ±700 - ±800 sqft) with partial ocean views from several units
- Unit mix encourages younger tenant mix with higher mobility and creates faster natural turnover
- Elevator, secured entrance/parking with storage cabinet, shared laundry facility, separately metered for electricity and gas
- Approximately 8-units have been tastefully upgraded during current ownership
- Some units have been upgraded with luxury vinyl hardwood floors, new kitchens, and new bathrooms
- Secured entrance and parking; separately metered for electricity and gas, elevator and shared laundry room
- Ample parking! 21 spaces (5 tandem) for 16 units! Y/B 1969 Actual CAP Rate 3.34% - Proforma CAP Rate 5.18%!
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