2810 Kansas Ave 5 Unit Apartment Building $2,100,000 ($420,000/Unit) 6.16% Cap Rate Santa Monica, CA 90404

ASSET
5-unit apartment in Santa Monica. The property features an outstanding unit mix of (1) 3-bedroom/2-bathroom unit, (1) 3-bedroom/1-bathroom unit and (3) 2-bedroom/1-bathroom units.
The front 3-bedroom/2-bathroom unit has a private front yard and a laundry room with washer/dryer hook-ups and the 3-bedroom/1-bathroom unit has private side patio. Each unit has individual hot water heaters and two of the units have been recently remodeled and include quartz counters, upgraded bathroom and newer windows. The property is situated on a 6,858-SF lot and contains 5 parking spaces.
LOCATION
2810 Kansas Avenue is located 1 block north of Pico Boulevard and approximately 2 miles from Santa Monica Beach, Ocean Avenue, 3rd Street Promenade, Main Street and the Santa Monica Pier. Furthermore, the property is conveniently located just a few blocks from Whole Foods Market, Bergamot Station Arts Center, Santa Monica Business Park, the Water Garden, Trader Joes, Virginia Avenue Park and the Expo Line.
FINANCIALS
This 4,560-SF asset contains stable-in place rents as well as legitimate rental upside. The property has a current cap rate of 6.16% and a current GRM of 11.74. The asset also presents rental upside with a pro-forma cap rate of 6.84% and pro-form GRM of 10.85.
*Unit F was a 4-bedroom unit which was converted to a 3-bedroom unit. Unit A received the bedroom so Unit A was converted from a 2-bedroom unit to a 3-bedroom unit. Unit A receives $50 per month for sweeping. Please do not disturb tenants. Buyer to conduct their own due diligence and investigation.