2626 Cloverfield Blvd 12 Unit Apartment Building $4,950,000 ($412,500/Unit) 5.93% Cap Rate Santa Monica, CA 90405

Marcus & Millichap is pleased to present 2626 Cloverfield Boulevard, a renovated 12-unit apartment building in the world-renowned coastal market of Santa Monica, California. This offering represents an exciting opportunity to acquire a turnkey asset with remodeled interiors, strong in-place income, and immediate upside potential through the lease-up of three vacant units at market rents.
Originally constructed in 1966, the property consists of eleven one-bedroom units and one studio, all of which have undergone comprehensive interior renovations. Unit upgrades include new flooring, modernized kitchens with updated cabinetry and appliances, in-unit washer/dryer combinations, contemporary bathrooms, and air conditioning in select units. The building is separately metered for gas and electricity. Exterior improvements include fresh paint, vibrant unit entries, and low-maintenance landscaping featuring turf, contributing to both curb appeal and reduced ongoing costs. The asset also offers six surface parking spaces.
Positioned at the corner of Ocean Park Boulevard and Cloverfield Boulevard, the property benefits from exceptional proximity to Santa Monica’s most sought-after amenities. Santa Monica College is located just a half-mile away, while the beach and the vibrant dining and shopping corridor along Main Street are less than two miles. The iconic Santa Monica Pier and Third Street Promenade are accessible within a 10-minute drive. This prime coastal location continues to attract a strong tenant base, supported by an average household income exceeding $148,000 within a one-mile radius.
2626 Cloverfield Boulevard offers investors the ability to acquire a well-located, fully renovated asset with durable tenant demand, operational efficiencies, and clear near-term income growth in one of Southern California’s most supply-constrained and resilient rental markets.