Playa Apartments

Santa Monica, CA 90405638 Grant St.

Property Type: Multifamily
For Sale

Details

  • Price: 3,100,000
  • Cap Rate: 3.48%
  • GRM: 18.29
  • Cost per SF: $828.88
  • Cost per unit: $387,500
  • Year Built: 1957
  • Square Footage: 3,740
  • Lot Size: 5,897
  • Units: 8
  • No. Stories: 2
  • Parking: 5
  • Transaction Type: For Sale
  • Property Type: Multifamily
  • Zoning: SMOP2*
  • Building Class: N/A
  • APN/Parcel ID: 4289-005-005

Playa Apartments is a value-add multifamily investment opportunity located in the desirable beachside community of Santa Monica. This asset presents an ideal income property for an investor in search of acquiring a well-positioned property with the potential of adding value through capital improvements and increasing rents over time.

This charming apartment building is comprised of 8 units in one two-story building that was constructed in 1957. There are (5) parking spaces at the rear of the property and an on-site laundry room. This well-located building totals 3,740± square feet and is constructed of wood frame with pitched roof and painted stucco exterior. Lot size is 5,897 ± square feet and zoning is SMOP2*.
The unit mix is comprised of (4) 1 bedroom + 1 bath units and (4) single + 1 bath units. Select units have recently undergone substantial renovation. Three of the units are currently vacant and can be leased up immediately at market rents!
Currently the property is being operated as a master metered building, though individual meters have been installed at the building, they have yet to be connected. New ownership can immediately move towards finalizing the connection of these meters, reducing operating expenses and increasing NOI.

638 Grant Street is located in Santa Monica, California. Santa Monica is one of the most desirable beach community locations in Southern California and Los Angeles. Located on the 600 block of Grant Street, the property is situated a few blocks from the beach, between Lincoln Blvd & 6th St., just south of Pico Blvd.

Santa Monica is an epicenter for shopping, dining and entertainment. Playa Apartments is located central to both Abbott Kinney, Main Street and Venice Beach, boasting a Walk Score of 94. This high demand location attracts tenants looking for the ideal Southern California location to call home, which in turn demands some of the strongest rents in Los Angeles.

 

Property Highlights

  • Attractive cost per unit
  • Three units to be delivered vacant at close
  • Potential to be individually metered for gas & electric
  • On-site parking and laundry room
  • Ideal value-add opportunity
  • +/- 26% rental upside potential
  • Only several block to the beach
  • Minutes to Main Street, Abbott Kinney & Venice Beach

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Once you schedule a call, you’ll have taken the first step to getting the representation you deserve.

23975 Park Sorrento Suite 110
Calabasas, CA 91302