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- LoopNet Team
1045 Ocean Ave
Santa Monica, CA 90403
20-Units Value Add Ocean View Santa Monica · Multifamily Property For Sale
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20 Units
INVESTMENT HIGHLIGHTS
- IRREPLACEABLE LOCATION: One of the best apartment rental sites in Southern California!
- Downtown Santa Monica location within walking distance to the beach, Santa Monica Pier, Third Street Promenade, Downtown Santa Monica Metrolink Stat
- Nearby building just sold for over 60% more per unit
- SEVEN (7) units are vacant and will be delivered vacant! Significant rental upside potential! Proforma CAP Rate is 4.55%
- Ocean view for many units with rooftop penthouse complete with a private sundeck that provides a breathtaking ocean view!
- R3 zoning, surrounded by properties of much higher density
PROPERTY FACTS
| No. Units | 20 | Building Size | 15,005 SF |
| Property Type | Multifamily | Average Occupancy | 55% |
| Property Subtype | Apartment | No. Stories | 3 |
| Apartment Style | Low-Rise | Year Built/Renovated | 1922/2017 |
| Building Class | C | Parking Ratio | 0.4/1,000 SF |
| Lot Size | 0.26 AC | ||
| Zoning | R3 | ||
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.26 AC |
| Building Size | 15,005 SF |
| Average Occupancy | 55% |
| No. Stories | 3 |
| Year Built/Renovated | 1922/2017 |
| Parking Ratio | 0.4/1,000 SF |
| Zoning | R3 |
AMENITIES
UNIT AMENITIES
- Views
ABOUT 1045 OCEAN AVE , SANTA MONICA, CA 90403
The Growth Investment Group is proud to present 1045 Ocean Ave, Santa Monica. Steps from the beach in Santa Monica and walking distance to some of the best amenities in Santa Monica (world-famous Santa Monica Beach, Santa Monica Pier, Santa Monica Third Street Promenade, etc.), 1045 Ocean Avenue offers investor a once-in-a-lifetime opportunity to own an apartment asset in a truly irreplaceable location that could be considered as one of the best location in Southern California. 1045 Ocean Ave is a 21-units apartment in Downtown Santa Monica. It is located on Ocean Ave between California Ave and Washington Ave. It is located a block away from Third Street Promenade on Wilshire Blvd, across the street from Palisades Park that offers unobstructed ocean view of Pacific Ocean, Santa Monica Beach, Santa Monica Pier and Southern California coastline. It is within walking distance to all the best amenities Santa Monica has to offer, including Metrolink light-rail station on Colorado Ave. The property is a 2-1/2 story apartment that was built in 1922. It has a total of ±15,005 square feet building size (per profile) and situated on a ±11,260 square feet R3 lot. It is surrounded by much higher density residential properties on its left and right. Unit mix consists of four (4) 2bedroom+1bathroom, eight (8) 1bedroom+1bathroom, eight (8) studio, and one (1) penthouse-1bedroom+1bathroom. The property is master metered for electricity, gas and water. It is under Santa Monica Rent Stabilization Ordinance (rent control). It has a shared laundry room. Several units have been upgraded and one unit can be delivered vacant at close of escrow. Parking is provided by 6 garage parking in the back (alley access).
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 7 | - | - |
| 1+1 | 8 | - | - |
| 2+1 | 4 | - | - |
| 2+2 | 1 | - | - |
PROPERTY TAXES
| Parcel Number | 4292-027-011 | Improvements Assessment | $1,740,877 |
| Land Assessment | $13,927,031 | Total Assessment | $15,667,908 |
PROPERTY TAXES
