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2302 32nd St 4 Unit Apartment Building $2,075,000 ($518,750/Unit) 5.46% Cap Rate Santa Monica, CA 90405
Investment Highlights
- Charming 4-Unit Property with One Non-Conforming Unit
- Incredible ADU Potential
- Owner User Opportunity
- ± $2,667 Average Rent Per Unit
- Two Bedroom One Bathroom Unit Delivered Vacant
- Property is Situated on a ±9,000 Square Foot Lot.
Executive Summary
The Boyett Team is thrilled to offer an exclusive opportunity to acquire 2302 32nd Street, a charming 4+1-unit opportunity located in the Sunset Park submarket of Santa Monica.
Built in 1938, this property has been meticulously maintained with modernized interiors and still possesses its vintage charm. 2302 32nd Street sits on a large ±9,000 Square Feet lot with a total of three structures. The front building contains Three Units, (1) Vacant Two Bedroom One Bathroom Unit and (2) One Bedroom One Bathroom units. The middle structure of the lot is Two Stories with (1) Large One Bedroom One Bathroom unit located upstairs, and downstairs is (1) nonconforming One Bedroom One Bathroom unit. The seller has plans and permits for the 5th unit that will allow an easy process of registering the non-conforming unit with the city. The property also provides a total of 7 parking spaces.
Conveniently located just south of Pico Boulevard and the I-10 Freeway, tenants of 2302 32nd Street have no shortage of things to do. From vibrant nightlife to an ample selection of fine dining, daily necessities, and retail amenities. Providing easy access to all that Santa Monica has to offer as well as seamless transit to the surrounding West Los Angeles area.
2302 32nd Street offers a unique opportunity to traditional or owner-occupied investors alike. The asset offers a cash-flowing stabilized investment alongside potential to convert as well as add additional ADU’s on the premises.
Built in 1938, this property has been meticulously maintained with modernized interiors and still possesses its vintage charm. 2302 32nd Street sits on a large ±9,000 Square Feet lot with a total of three structures. The front building contains Three Units, (1) Vacant Two Bedroom One Bathroom Unit and (2) One Bedroom One Bathroom units. The middle structure of the lot is Two Stories with (1) Large One Bedroom One Bathroom unit located upstairs, and downstairs is (1) nonconforming One Bedroom One Bathroom unit. The seller has plans and permits for the 5th unit that will allow an easy process of registering the non-conforming unit with the city. The property also provides a total of 7 parking spaces.
Conveniently located just south of Pico Boulevard and the I-10 Freeway, tenants of 2302 32nd Street have no shortage of things to do. From vibrant nightlife to an ample selection of fine dining, daily necessities, and retail amenities. Providing easy access to all that Santa Monica has to offer as well as seamless transit to the surrounding West Los Angeles area.
2302 32nd Street offers a unique opportunity to traditional or owner-occupied investors alike. The asset offers a cash-flowing stabilized investment alongside potential to convert as well as add additional ADU’s on the premises.
Property Facts
| Price | $2,075,000 | Apartment Style | Low-Rise |
| Price Per Unit | $518,750 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.21 AC |
| Cap Rate | 5.46% | Building Size | 3,492 SF |
| Gross Rent Multiplier | 12.82 | Average Occupancy | 100% |
| No. Units | 4 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1938 |
| Property Subtype | Apartment | Parking Ratio | 2/1,000 SF |
| Zoning | SMR2* - Restricted Density Multiple Dwelling | ||
| Price | $2,075,000 |
| Price Per Unit | $518,750 |
| Sale Type | Investment |
| Cap Rate | 5.46% |
| Gross Rent Multiplier | 12.82 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.21 AC |
| Building Size | 3,492 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1938 |
| Parking Ratio | 2/1,000 SF |
| Zoning | SMR2* - Restricted Density Multiple Dwelling |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 3 | - | 550 |
| 2+1 | 1 | - | 650 |
Very walkable
80/100
Very drivable
80/100
Good public transit
60/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 4270-007-044 | Improvements Assessment | $234,090 |
| Land Assessment | $1,872,720 | Total Assessment | $2,106,810 |
Property Taxes
Parcel Number
4270-007-044
Land Assessment
$1,872,720
Improvements Assessment
$234,090
Total Assessment
$2,106,810
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