Las Casitas de Monica

Santa Monica, CA 90405920 Marine St.

Property Type: Multifamily/Residential
For Sale/Under Contract

Details

  • Price: 2,045,000
  • Cap Rate: 4.13%
  • GRM: 17.71
  • Cost per SF: $520.36
  • Cost per unit: $511,250
  • Year Built: 1967
  • Square Footage: 3930
  • Lot Size: 5,680
  • Units: 4
  • No. Stories: 2
  • Parking: 5 Spaces
  • Transaction Type: For Sale/Under Contract
  • Property Type: Multifamily/Residential
  • Zoning: SMR2
  • Building Class: B
  • APN/Parcel ID: 4285-036-018

Property Description

On behalf of ownership as the exclusive listing agent, Lucrum Real Estate Group of KW Commercial is proud to present, Las Casitas De Monica. This building is a value-add fourplex with an incredible unit mix located in prime Santa Monica, CA. The property is a garden-style apartment complex built in 1967. The building is +/- 3,930 square foot building on +/- 5,680 square foot lot, zoned SMR2 and comprised of 1 (2+1), 1 (2+1.5) and 2 (3+2) units. Building construction is of wood frame with a flat roof and painted stucco exterior.

Recent capital expenditures include a new roof and turf. Building amenities include tandem parking, rear balconies (2nd floor units only), & bicycle parking. Units are spacious, offering plenty of cabinet space and second floor units offer high ceilings with exposed wood beams and rear balconies with view.

Currently, management is holding unit #2 which is a two-bedroom, one- half bath and unit #4 which is a three-bedroom, two-bath vacant. These units may be delivered vacant at the close of escrow depending on timing and terms for closing.

Aesthetically, the property offers beautiful curb appeal and is well maintained.

Located in prime Santa Monica, just east of Lincoln Boulevard, the property is centrally located near the beach, 10-freeway, and PCH in a well-sought-after community. The building is also near Whole Foods Market, Café Gratitude, the famous Main Street and Venice, CA. Boasting a “walk score” of 84, the location is ranked as very walkable. The complex serves a population of 240,861 and median household income of $88,609 within a 3-mile radius. Tenants have easy access to a thriving community filled with endless opportunities for nearby education, employment, entertainment, recreation & dining.

Low vacancy rates in Santa Monica coupled with continued low interest rates, have led to multifamily investment properties becoming a highly attractive asset class.

 

Property Highlights

  • New roof and turf in the front-yard
  • One of the lowest costs per sq. ft available in Santa Monica for a 2 to 4 unit building
  • Units #2, (2+1.5) & 4 (3+2) may be delivered vacant depending on terms of closing
  • Excellent unit mix with significant rental upside potential
  • 2nd floor units with high ceilings, exposed wood beams & balconies
  • Beautiful curb appeal
  • Close to shops & restaurants on Lincoln Boulevard and Main Street
  • Centrally located to PCH, 10-freeway, 405-freeway, beach & Venice

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23975 Park Sorrento Suite 110
Calabasas, CA 91302