Cushman & Wakefield of California, Inc., as exclusive advisor, is pleased to present Wave@3rd (the “Property” or “The Wave”), a 1973 built, 32-unit apartment community located north of Wilshire Boulevard in the heart of Santa Monica, California. The Wave occupies a truly irreplaceable location walking distance to Santa Monica Beach, Ocean Avenue, and trendy Montana Avenue, as well as to numerous shopping and dining amenities along world famous 3rd Street Promenade.
The Property benefits from significant supply constraints, a continued influx of creative and technology industry migration, and proximity to world-class amenities. Wave@3rd offers significant upside potential through the upgrading of 20 units that have not yet been renovated and represents an extraordinary opportunity to control a trophy Santa Monica asset that will continue to experience long term rent growth and value appreciation.
Wave@3rd’s unique qualities include:
•Prestigious double lot north of Wilshire located within walking distance to Santa Monica Beach.
•Unobstructed views to the north and west, with many units offering Pacific Ocean views.
•Current ownership has successfully facilitated turnover and has beautifully renovated twelve (12) units.
•Renovated units feature modern cabinetry, hardwood style floors, stainless steel appliances, quartz countertops and backsplashes, undermount sinks, fireplaces, full size washer/dryers, and European style split level air conditioning.
•Unrenovated units offer stone or Formica countertops, white appliances, tiled floors in the kitchen and bathrooms, carpeted living areas, and walk-in closets.
•Newly renovated common areas, elevators and lobby create an upscale experience.
•Community amenities include a sauna, jacuzzi, gym, and laundry facilities on each floor.
•Large unit sizes averaging 1,166 square feet offer a distinct competitive advantage in a submarket known for microunits.
•Four levels of apartments over two parking garages, one on-grade with alley access and another that is semi-subterranean.
