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    2615 2nd Street

    Santa Monica, CA 90405
    • $4,500,000
    • STATUS: ACTIVE
    • ON SITE: 199 days
    • ID#: 302585721
    UPDATED: 83 min ago
    $4,500,000
    • 3
      BEDS
    • 0.15
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1962
    County:

    School Ratings & Info

    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.

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    This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2021 San Diego MLS, Inc. Licensed in the state of California.
    www.talechia.com/homes/107665043
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    2615 2nd Street Santa Monica, CA 90405

    • Price: $4,500,000
    • Status: ACTIVE
    • Updated: 83 min ago
    • ID#: 302585721
    3
    Beds
    0
    Baths
    0
    ½ Baths
    0.15
    Acres
    1962
    Built
    Neighborhood:
    Santa Monica (90405)
    County:
    Los Angeles
    Area:
    Santa Monica (90405)
    Property 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.
    Exterior Features

    Parking Garage Desc Unit1 Assigned Pool N/K

    Interior Features

    Stories 2 Story Total Baths Unit1 1 Total Baths Unit2 2 Units With Cooling 7 Units With Range Oven 7 Units With Refrigerators 0 Units With Washers 6

    Property Features

    Actual Cap Rate 3.92 Annual Expense Actual 82200 Assessments Yes/Remarks Buildings 1 Gross Rent Multiplier Actual 16.87 Gross Scheduled Income Actual 266778 Home Owners Fees 0.0 Possession Close Of Escrow Tenant Pays ElectricityGas/Propane Terms Cash Unit Number For Unit1 1 Unit Number For Unit2 2 Unit1 Rent Actual 3044.0 Unit2 Rent Actual 3968.0 Water Meter On Property Zoning Smop2*

    Listing provided courtesy of Gig Real Estate Inc.. Listing information © 2021 San Diego MLS Inc. Source: CRMLS
    This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2021 San Diego MLS, Inc. Licensed in the state of California.
     
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