Multifamily

508 Bay St

Listing Price: $2,599,900

Cap Rate
1.78%
Number of Units
4
GRM
29.01
Occupancy
97.00%
Price/Unit
$649,975
Price/Gross SF
$800.22
Gross SF
3,249

Investment Overview

Marcus & Millichap is pleased to present 508 Bay Street, a four (4) unit value-add apartment building located in the heart of Santa Monica's Ocean Park neighborhood. This property has been held by the same family for several generations. The property is made up of two (2) structures: a one-bedroom / one-bathroom detached front house and three (3) two-bedroom/one-bathroom apartment units located in the rear of the property. Units feature washer/dryer hookups. One of the two-bedroom/one-bathroom units will be delivered vacant thirty (30) days from the close of escrow. The total building square footage of the property is 3,249 square feet which sits on a 5,918 square foot lot that is SMOP2* zoned.

Ocean Park has long been considered one of the most desirable and sought after neighborhoods in all of Southern California. The property, which has a Walk Score of 94, is located just 5 blocks from the beach and 3 blocks to bars, restaurants, cafes and retail of Santa Monica's hip Main Street. Other area attractions within short walking distance include the Santa Monica Pier, Third Street Promenade, Venice Beach Boardwalk and Abbot Kinney. The property is also located approximately a half-mile from the Downtown Santa Monica Metro Station which allows for easy commutes to West LA, Culver City, USC and Downtown Los Angeles.

Investment Highlights

  • 4-Unit Value Add Apartment Building Located in the Heart of Santa Monica's Ocean Park
  • Units feature Washer/Dryer hookups
  • Walk Score of 94: 5 Blocks from the Beach, 3 Blocks to Santa Monica's Trendy Main St
  • Less than Half-Mile to the Downtown Santa Monica Metro Station
  • Excellent Owner-User Opportunity

Exclusively Listed By

Listing Price: $2,599,900

Cap Rate
1.78%
Number of Units
4
GRM
29.01
Occupancy
97.00%
Price/Unit
$649,975
Price/Gross SF
$800.22
Gross SF
3,249

Investment Highlights

  • 4-Unit Value Add Apartment Building Located in the Heart of Santa Monica's Ocean Park
  • Units feature Washer/Dryer hookups
  • Walk Score of 94: 5 Blocks from the Beach, 3 Blocks to Santa Monica's Trendy Main St
  • Less than Half-Mile to the Downtown Santa Monica Metro Station
  • Excellent Owner-User Opportunity

Investment Overview

Marcus & Millichap is pleased to present 508 Bay Street, a four (4) unit value-add apartment building located in the heart of Santa Monica's Ocean Park neighborhood. This property has been held by the same family for several generations. The property is made up of two (2) structures: a one-bedroom / one-bathroom detached front house and three (3) two-bedroom/one-bathroom apartment units located in the rear of the property. Units feature washer/dryer hookups. One of the two-bedroom/one-bathroom units will be delivered vacant thirty (30) days from the close of escrow. The total building square footage of the property is 3,249 square feet which sits on a 5,918 square foot lot that is SMOP2* zoned.

Ocean Park has long been considered one of the most desirable and sought after neighborhoods in all of Southern California. The property, which has a Walk Score of 94, is located just 5 blocks from the beach and 3 blocks to bars, restaurants, cafes and retail of Santa Monica's hip Main Street. Other area attractions within short walking distance include the Santa Monica Pier, Third Street Promenade, Venice Beach Boardwalk and Abbot Kinney. The property is also located approximately a half-mile from the Downtown Santa Monica Metro Station which allows for easy commutes to West LA, Culver City, USC and Downtown Los Angeles.

Exclusively Listed By

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