2615 2nd Street

Description

2615 2nd St, Santa Monica; a semi-upgraded 7-unit apartment property 2 blocks from the beach. The property is in the Ocean Park area, just a block from Main Street. Within blocks from the beach and stores along Main Street, this property has an extremely high walk score of 96 and bike score of 90. It is located in a super demographics region of $131,779 average household income within a mile radius. It offers high CAP Rate of close to 4% and a very attractive proforma CAP Rate of close to 5%. An astute op 2615 2nd St, Santa Monica; a semi-upgraded 7-unit apartment property 2 blocks from the beach. The property is in the Ocean Park area, just a block from Main Street. Within blocks from the beach and stores along Main Street, this property has an extremely high walk score of 96 and bike score of 90. It is located in a super demographics region of $131,779 average household income within a mile radius. It offers high CAP Rate of close to 4% and a very attractive proforma CAP Rate of close to 5%. An astute operator that can self-manage the property will realize higher than 4% CAP Rate on year-1. The property is an attractive 2-story modern, mid-century apartment that was built in 1962. It has a total of 4,696 square feet building size and is situated on a 6,487 square feet lot. The property has been upgraded extensively and its soft-story parking has been seismically retrofitted. It has new plumbing, new sewer line, and new electrical. In addition, the property has a security camera system installed. The property offers six (6) 1bedroom+1bathroom and one (1) 2bedroom+2bathroom units. There are 7 assigned parking spaces (5 carports + 2 open). All units (except #1) have been completely upgraded with modern upgrades which include new kitchen countertops, new kitchen cabinets, new flooring, newly tiled bathroom, mirrored closet doors, and in-unit washer/dryer.