Power Properties | Commercial Real Estate is offering for sale this fourteen (14) unit apartment building consisting of two 1+1s, six 2+1.75s and six 3+1.75s. Most of the units have been remodeled or renovated in some fashion and feature a spacious floor plan, balcony or private patio, window A/C unit, fireplace, dishwasher, electric stove/range and several with a mini bar area. The building was repiped in 2011 and the roof was replaced in 2015. It is separately metered for electricity, has a laundry room (leased equipment) and intercom entry system.
Location Description (1200 characters max):
The subject property is located just south of Montana Avenue in the Wilshire/Montana corridor of Santa Monica. Situated less than ½ a mile from the shops, restaurants and spas dotting Montana Avenue, this building is in a prime location. In addition, Santa Monica beach is just a couple of miles away with all that it has to offer including Santa Monica Pier, Third Street Promenade and the 2010 renovated Santa Monica Place outdoor shopping mall. A stop for the Metro Expo line is in close proximity to the subject property providing a clear path from Santa Monica to Culver City and Downtown Los Angeles.
This property is part of a larger Westside apartment building portfolio consisting in total of 99 units and listed for sale at $46.9M. The other addresses include 1231 Bundy Dr. 90025 (16U), 3300 Castle Heights Ave. 90034 (14U), 3308 Castle Heights Ave. 90034 (12U), 11815 Mayfield Ave. 90049 (15U), 11818 Darlington Ave. 90049 (15U) & 11825 National Blvd. 90064 (13U). Properties can be purchased together or separately.
PLEASE NOTE THE FOLLOWING:
1) Investment summary is attached; contact Josh Johnson for NDA & marketing package
2) Trust sale (not distressed, no seller financing, no court confirmation)
3) Do not disturb tenants, drive by only
4) Email Josh Johnson for LOI form to submit initial offer on. Provide proof of funds, schedule of real estate and prequalification letter or commitment letter from lender (if applicable) with LOI.
5) Property tour for qualified buyers who have submitted an LOI to occur during 2nd week of March
6) Access to books & records provided upon receipt of LOI
7) All services have been selected
8) Commission split subject to change if Buyer/Principal purchases multiple properties within this portfolio
9) Final offer to be on provided purchase agreement
Disclaimer: All information has been secured from sources we believe to be reliable, however we make no representations or warranties, expressed or implied, as to its accuracy. References to SF, age, expenses, pro-forma/market expectations & financing terms are approximate. Recipient(s) must verify the information and bears all risk for any inaccuracies.
