Condominio for Køb i Santa Mónica, California

Huge 500k Price Reduction! 10 Unit building with 6 vacancies and plans for 4 ADUs in Prime Santa Monica priced at only 353k/door for 60% vacant units. Incredible current 5.6% Cap Rate and 13.3 GRM after renovations with upside to 7.2% Cap Rate and 10.9 GRM on the proforma. There are plans to add 4 ADUs including 2 Attached Studio units in the Garages (Approved RTI) + 2 detached one-bed units in the back parking area (Preliminary). 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, Price/SF, Cap Rate & GRM are based on Total Price for sake of conservatism, which includes the construction cost of 4 ADUs 1,800 SF at 250/SF (450k). MLS® ID: 22207359 Listed: 10/9/22 Updated: 10/14/22 Interior Features Total Bedrooms: 11 Total Bathrooms: 14 Interior Features: Ceiling Fan(s) Fireplace: None Heating: Wall Furnace Exterior/Building Features Lot Size: 6,046 ft2 lot Architectural Style: Traditional Sewer: Other Other Property Details Area Name: C14 - Santa Monica HOA Amenities: Gated Garage: No Parking: Uncovered Parking Total: 9.0 View: N County: Los Angeles Pool: No Total Stories: 2 Zoning: SMR3* Courtesy of Global Platinum Properties, Inc., Julio Ruiz, Listing Contact: Based on information from California Regional Multiple Listing Service, Inc. as of 10/14/22. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.