Ocean Park & Cloverfield Apartments
12 Units - 10 renovated units & 2 New ADU's
2626 Cloverfield Blvd. Santa Monica CA 90405
$5,100,000
Offering Price
5.70 %
Cap Rate
12.91
GRM
12
Number of Units
Description
  • Huge 550k Price Reduction! 12 Unit building with 10 fully renovated units in Prime Santa Monica cash flowing at an incredible Current Cap Rate of 5.7% and 12.9 GRM from day 1! Priced at only 425k/door for renovated units with an amazing upside to 6.6% Cap Rate and 11.4 GRM on the proforma. Delivered with 10 fully renovated units with permits including 8 remodeled units plus 2 brand-new attached ADUs. These units have been completely renovated with permits (3 vacant) and boast a high-end aesthetic with new modern cabinets, flooring, recessed lighting, new bathrooms, stainless steel appliances, washer/dryer inside, as well as major exterior capital improvements. Notably, there are preliminary plans for 2 additional detached ADUs over the open parking lot in the back that offer exceptional future upside potential. The property is located in the heart of Santa Monica just minutes away from the Beach and within close proximity to Santa Monica Business Park as well as hip neighborhood attractions, restaurants, bars, and shops such as Layla Bagels, Local Kitchen & Wine Bar, Estate Coffee, and many more popping up all around the area.
Highlights
  • 12 Unit building with 10 fully renovated units in Prime Santa Monica cash flowing at an incredible Current Cap Rate of 5.7% and 12.9 GRM from day 1!
  • Priced at only 425k/door for renovated units with an amazing upside to 6.6% Cap Rate and 11.4 GRM on the proforma.
  • Delivered with 10 fully renovated units with permits including 8 remodeled units plus 2 brand-new attached ADUs.
  • Prelim Plans for 2 additional detached (1bed/1bath) ADUs over the open parking area in the back for future upside
  • Real estate investments in Santa Monica, CA offer a distinct lifestyle for residents unlike any other. Located on the beautiful Southern California coastline, Santa Monica is known for its picturesque beaches, vibrant nightlife, and overall high standard of living. The real estate market here offers an unparalleled opportunity to invest in both residential and commercial properties that cater to this unique lifestyle. With breathtaking ocean views from many properties, world-class dining options just steps away, and a thriving business atmosphere fueled by the tech industry's various start-ups located throughout the area - it's easy to see why investors are drawn to this region. Additionally, Santa Monica boasts top-rated schools as well as an abundance of outdoor activities such as hiking trails or beach sports - making it an ideal place for families seeking a quality education paired with genuine fun outdoors. In short: real estate investments in Santa Monica grant access to an upscale coastal community overflowing with amenities that reflect a modern California way of life.
FOR MORE DETAILS CONTACT
Armin Soleimani
Realtor
(310) 666-2246
ziuroiluj@gmail.com
Lic: 01846872
Julio Ruiz
Broker
(818) 524-0706
ziuroiluj@gmail.com
Lic: 01911261