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Multifamily

2513-2515 Ocean Park Blvd

2513 Ocean Park Blvd, Santa Monica, CA 90405

Listing Price: $2,500,000

Cap Rate
4.48%
Number of Units
6
Occupancy
97.0%
Price/Unit
$416,667
Price/Gross SF
$759.65
Gross SF
3,291

Investment Overview

We are pleased to present 2513 Ocean Park Boulevard, a six-unit apartment building in the Sunset Park neighborhood of Santa Monica. The property consists of three duplex structures, two of which were built in 1940 and consist of four 1Bed/1Bath units and one that was built later in 1961 (Buyer to verify) with a mix of one 3Bed/1Bath and one 2Bed/1Bath. In the rear of the property are three private garages that are leased, generating income, and could potentially be converted to ADUs (Buyer to verify.) The two units in the front structure, 3Bed & 2Bed units, are separately metered for gas and electricity while the four 1Bed units in the rear structures are master metered for gas and electricity. The landlord pays for water & trash for the entire property. The entire structure is single level, eliminating the requirement for any seismic retrofitting requirements and expenses in the future . The units have been well-maintained with hardwood flooring throughout, newer windows for five of the six units, and updated bathrooms and kitchens in almost all units. The 2Bed/1Bath unit was nicely remodeled with in-unit washer/dryer, dishwasher, glass island hood, granite countertops, custom stone shower and hardwood floors. The property has received some plumbing upgrades and the roof for the front structure was replaced in 2015. The property is surrounded by lush landscaping and dedicated patio areas where tenants can set up their own BBQ, chairs, tables etc. The area provides street parking and tenants have the option to purchase parking permits from the city to allow more flexibility with parking options. All tenants are current on rents and there have not been any previous issues with non-payment due to Covid. Located west of Bundy Drive, 2513 Ocean Park Blvd is situated right across from Clover Park and within walking distance to Santa Monica Community College. It is ½ a block walking distance to public transport and it is well located near Clover Business Park, local restaurants, cafes, beaches, and the best Santa Monica has to offer. The closure of the Santa Monica Airport in 2028 will allow for the area to benefit from a new proposed park, recreational facilities and other non-aviation uses that will only further enhance this neighborhood and the rental demand for units. For commuters, the property is within minutes to the 405 & 10 Freeways and within short drive to the Westside, Venice, Brentwood, Westwood, Pacific Palisades, and UCLA.

Investment Highlights

  • -Sunset Park neighborhood of Santa Monica
  • -Great unit mix: 1 (3+1), 1 (2+1) & 4 (1+1)
  • -Upgrades to select units

Exclusively Listed By

Financing By

Multifamily

2513-2515 Ocean Park Blvd

Listing Price: $2,500,000

Cap Rate
4.48%
Number of Units
6
Occupancy
97.0%
Price/Unit
$416,667
Price/Gross SF
$759.65
Gross SF
3,291

Investment Highlights

  • -Sunset Park neighborhood of Santa Monica
  • -Great unit mix: 1 (3+1), 1 (2+1) & 4 (1+1)
  • -Upgrades to select units

Investment Overview

We are pleased to present 2513 Ocean Park Boulevard, a six-unit apartment building in the Sunset Park neighborhood of Santa Monica. The property consists of three duplex structures, two of which were built in 1940 and consist of four 1Bed/1Bath units and one that was built later in 1961 (Buyer to verify) with a mix of one 3Bed/1Bath and one 2Bed/1Bath. In the rear of the property are three private garages that are leased, generating income, and could potentially be converted to ADUs (Buyer to verify.) The two units in the front structure, 3Bed & 2Bed units, are separately metered for gas and electricity while the four 1Bed units in the rear structures are master metered for gas and electricity. The landlord pays for water & trash for the entire property. The entire structure is single level, eliminating the requirement for any seismic retrofitting requirements and expenses in the future . The units have been well-maintained with hardwood flooring throughout, newer windows for five of the six units, and updated bathrooms and kitchens in almost all units. The 2Bed/1Bath unit was nicely remodeled with in-unit washer/dryer, dishwasher, glass island hood, granite countertops, custom stone shower and hardwood floors. The property has received some plumbing upgrades and the roof for the front structure was replaced in 2015. The property is surrounded by lush landscaping and dedicated patio areas where tenants can set up their own BBQ, chairs, tables etc. The area provides street parking and tenants have the option to purchase parking permits from the city to allow more flexibility with parking options. All tenants are current on rents and there have not been any previous issues with non-payment due to Covid. Located west of Bundy Drive, 2513 Ocean Park Blvd is situated right across from Clover Park and within walking distance to Santa Monica Community College. It is ½ a block walking distance to public transport and it is well located near Clover Business Park, local restaurants, cafes, beaches, and the best Santa Monica has to offer. The closure of the Santa Monica Airport in 2028 will allow for the area to benefit from a new proposed park, recreational facilities and other non-aviation uses that will only further enhance this neighborhood and the rental demand for units. For commuters, the property is within minutes to the 405 & 10 Freeways and within short drive to the Westside, Venice, Brentwood, Westwood, Pacific Palisades, and UCLA.

Exclusively Listed By

Financing By

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