$1,950,000
$2,095,000
6.9%For more information regarding the value of a property, please contact us for a free consultation.
3,904 SqFt
SOLD DATE : 10/30/2024
Key Details
Sold Price $1,950,000
Property Type Commercial
Sub Type Other
Listing Status Sold
Purchase Type For Sale
Square Footage 3,904 sqft
Price per Sqft $499
MLS Listing ID CL24436183
Sold Date 10/30/24
HOA Y/N No
Year Built 1950
Lot Size 6,471 Sqft
Acres 0.15
Property Description
Discover an excellent investment opportunity with this remarkable property, featuring six cash-flowing units with a solid 5.08% cap rate and a per-unit cost of under $350,000. Three of the six units have already been renovated to meet modern living standards, complete with in-unit washer/dryers, ensuring higher rental demand and tenant satisfaction. The other three units offer considerable upside potential, with an aggregate 40% increase in rent achievable for the property, providing an excellent opportunity for the new owner to boost returns.The smart layout offers two spacious upstairs units, each with two bedrooms and one bathroom, complemented by expansive balconies perfect for enjoying warm Santa Monica evenings. Meanwhile, the four downstairs units feature one-bedroom layouts, ideal for singles or couples, providing a versatile mix of living options. All units are currently leased, guaranteeing immediate cash flow, and the property includes six on-site surface parking spaces, a rare find in this area, adding both convenience and desirability.Located less than one mile from sun-kissed beaches, the world-famous Main Street, Rose Avenue, and Santa Monica College, this property offers residents an unparalleled coastal lifestyle in one of the most desirable neighborhoods in Sant
Location
State CA
County Los Angeles
Area Listing
Zoning SMR2
Interior
Heating Wall Furnace
Fireplace No
Exterior
Parking Type Assigned
Building
Water Public
New Construction No
Others
Tax ID 4284007011
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Bought with JaisenRybakov