2615 S 2nd St

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Address: 2615 S 2nd St, Santa Monica, California, US
Created date: September 19, 2023
Date last updated: April 3, 2024
  • Value-add opportunity in a Class A Location, 2 blocks from the beach and 1 block from shopping and dining on Main Street
  • Priced to Sell (Selling at a Loss): Asking price is $120,000 lower than seller’s purchase price in 2016
  • Significant rental upside with very attractive proforma CAP Rate
  • Walk Score: 98, Bike Score 90
  • Excellent Demographics: AHH Income ±$131,779 within a-mile radius
  • A block from shops and restraurants on Main Street (Sunday Main St. Farmers Market, Chinois on Main, etc.)
  • Very well maintained with excellent curb appeal
  • A beautifully upgraded apartment 2 blocks from the beach in Santa Monica
  • Excellent unit mix; 6 units have been extensively renovated
  • Soft-story parking retrofit has been completed; copper plumbing throughout, upgraded electrical, updated sewer line, and double pane windows throughout
  • Total 7 parking spaces (1 for each unit); common garden/barbeque area
  • Upgraded units have smooth ceiling, recessed lighting, new luxury wood flooring, tiled kitchen, new quartz countertops, new kitchen cabinets, new bathroom, mirrored closet doors, dishwasher, microwave, oven, in-unit laundry machine, and much more
  • Charming common barbeque and picnic area in the back
  • Each unit is separately metered for electricity and gas complete with inside in-unit washer/dryer (except unit#1)

Key Property Information

Listing Status: Available
Listing Type: Highest & best offer
Multifamily type: Apartments | Garden Style
Price: $3,800,000
No. of Units: 7
Cap Rate: 4.47%
GRM /GIM: 16.43
Year Built: 1962
Building Size: 4,696 Sq ft
Lot Size: 6,487.00 Sq ft
No. of Stories: 2
Opportunity Zone: No
Price per unit: $542,857
Address: 2615 S 2nd St, Santa Monica, California, US

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