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2626 Cloverfield Boulevard

Santa Monica, CA 90405
  • $4,995,000
  • STATUS: Active
  • ON SITE: 6 Days
  • ID#: 22186863
New On Site 6 Days Ago
UPDATED: 216 min ago
$4,995,000
  • 0
    BEDS
  • 0.14
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1966
County:

School Ratings & Info

Listing Agent(s): Julio Ruiz of Global Platinum Properties, Inc. (818-524-0706) and Armin Soleimani of Global Platinum Properties, Inc.(818-524-0706)


Description

10 Unit building with 6 vacancies and preliminary plans for 4 ADUs in Prime Santa Monica priced at only 388k/door for mostly vacant units. Incredible current 5% Cap Rate and 14.6 GRM after renovations with upside to 6.4% Cap Rate and 12.1 GRM on the proforma. There are Preliminary plans to add 4 ADUs including 2 Attached Studio units in the Garages + 2 detached one-bed units in the back parking area. 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, Cap Rate, & GRM are based on Total Price for sake of conservatism, which includes construction costs of ADUs.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-12T00:29:53.897. 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 deemed reliable but is not guaranteed accurate by the MLS or Rogers Realty Group/Berkshire Hathaway HomeServices California Properties. Licensed in the State of California, USA.
www.searchsocalrealestate.com/homes/131894898
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2626 Cloverfield Boulevard Santa Monica, CA 90405

  • Price: $4,995,000
  • Status: Active
  • On Site: 6 Days
  • Updated: 216 min ago
  • ID#: 22186863
0
Beds
0
Baths
0
½ Baths
0.14
Acres
1966
Built
Neighborhood:
C14 - Santa Monica
County:
Los Angeles
Area:
C14 - Santa Monica
Property Description
10 Unit building with 6 vacancies and preliminary plans for 4 ADUs in Prime Santa Monica priced at only 388k/door for mostly vacant units. Incredible current 5% Cap Rate and 14.6 GRM after renovations with upside to 6.4% Cap Rate and 12.1 GRM on the proforma. There are Preliminary plans to add 4 ADUs including 2 Attached Studio units in the Garages + 2 detached one-bed units in the back parking area. 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, Cap Rate, & GRM are based on Total Price for sake of conservatism, which includes construction costs of ADUs.
Exterior Features

Architectural Style Traditional Construction Materials Stucco Foundation Details Slab Parking Features Uncovered Parking Total 9

Interior Features

Fireplace Features None Fireplace YN No Heating Wall Furnace Heating YN Yes Interior Features Ceiling Fan(S)

Property Features

Association Fee 0 Community Features Gated Gross Income 371472 Listing Agreement Seller Reserved Listing Service Full Service Net Operating Income 270002 New Construction YN No Property Condition FixerRepairs Cosmetic Rent Control YN Yes Security Features Gated Community Senior Community YN No Sewer Other Special Listing Conditions Standard Zoning Smr3*



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-12T00:29:53.897. 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 deemed reliable but is not guaranteed accurate by the MLS or Rogers Realty Group/Berkshire Hathaway HomeServices California Properties. Licensed in the State of California, USA.
 
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Rogers Realty Group/Berkshire Hathaway HomeServices California Properties
1063 W Sixth Street
Ontario CA, 91762
Listing Agent(s): Julio Ruiz of Global Platinum Properties, Inc. (818-524-0706) and Armin Soleimani of Global Platinum Properties, Inc.(818-524-0706)