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2922 2nd St 5 Unit Apartment Building $2,950,000 ($590,000/Unit) 5.78% Cap Rate Santa Monica, CA 90405
INVESTMENT HIGHLIGHTS
- WILL BE DELIVERED 100% VACANT, NO TENANT RELOCATION REQUIRED!
- PROPERTY OFFERS ON-SITE PARKING FOR TENANTS
- GREAT UNIT MIX COMPOSED OF ONE AND TWO-BEDROOM UNITS!
EXECUTIVE SUMMARY
The building is 100% vacant, allowing immediate repositioning at market rents, an exceptional opportunity given Santa Monica’s rent control restrictions. This 3,441 square foot property features one and two bedroom units, on site parking, and separate gas and electric meters.
Walkable to the beach, Urth Caffé, and Main Street amenities, the location offers lasting appeal for tenants and investors alike.
Walkable to the beach, Urth Caffé, and Main Street amenities, the location offers lasting appeal for tenants and investors alike.
PROPERTY FACTS
| Price | $2,950,000 | Property Subtype | Apartment |
| Price Per Unit | $590,000 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 5.78% | Lot Size | 0.11 AC |
| Sale Condition | High Vacancy Property | Building Size | 3,441 SF |
| Gross Rent Multiplier | 11.6 | No. Stories | 2 |
| No. Units | 5 | Year Built | 1955 |
| Property Type | Multifamily | Parking Ratio | 1.45/1,000 SF |
| Zoning | SMOP2* | ||
| Price | $2,950,000 |
| Price Per Unit | $590,000 |
| Sale Type | Investment |
| Cap Rate | 5.78% |
| Sale Condition | High Vacancy Property |
| Gross Rent Multiplier | 11.6 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 3,441 SF |
| No. Stories | 2 |
| Year Built | 1955 |
| Parking Ratio | 1.45/1,000 SF |
| Zoning | SMOP2* |
AMENITIES
UNIT AMENITIES
- Heating
- Refrigerator
- Range
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 3 | $4,500 | 700 - 900 |
| 1+1 | 2 | $3,850 | 500 - 700 |
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Walk Score®
Walker's Paradise (95)
Bike Score®
Biker's Paradise (99)
PROPERTY TAXES
| Parcel Number | 4288-004-007 | Improvements Assessment | $691,620 |
| Land Assessment | $1,450,172 | Total Assessment | $2,141,792 |
PROPERTY TAXES
Parcel Number
4288-004-007
Land Assessment
$1,450,172
Improvements Assessment
$691,620
Total Assessment
$2,141,792
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2922 2nd St
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