2626 Cloverfield Blvd, Santa Monica, CA 90405
12 Unit Apartment Building | $4,995,000 ($416,250/Unit) | 5.80% Cap Rate | Santa Monica, CA 90405
For Sale
Active
Asking Price $4,995,000
- Property Type
-
Multifamily
- Square Feet
- 5,948 SF
Listing Contacts
Armin Soleimani
Julio Ruiz
Property Overview
Huge 650k Price Reduction & Now 100% Occupied! 12 Unit building with 10 fully renovated units in Prime Santa Monica cash flowing at an incredible Current Cap Rate of 5.8% and 12.6 GRM from day 1! Priced at only 416k/door for renovated units with an amazing upside to 6.7% Cap Rate and 11.2 GRM on the proforma. Delivered with 10 fully renovated units with permits including 8 remodeled units plus 2 brand-new attached ADUs. These units have been completely renovated with permits (100% occupied) and boast a high-end aesthetic with new modern cabinets, flooring, recessed lighting, new bathrooms, stainless steel appliances, washer/dryer inside, as well as major exterior capital improvements. Notably, there are preliminary plans for 2 additional detached ADUs over the open parking lot in the back that offer exceptional future upside potential. The property is located in the heart of Santa Monica just minutes away from the Beach and within close proximity to Santa Monica Business Park as well as hip neighborhood attractions, restaurants, bars, and shops such as Layla Bagels, Local Kitchen & Wine Bar, Estate Coffee, and many more popping up all around the area.
Property Details
- Class
- B
- Year Built/Renovated
- 1966/2023
- Stories
- 2
- Lot Size (sq. ft)
- 6,098 SF
- Units
- 12
Highlights
- 12 Unit building with 10 fully renovated units in Prime Santa Monica cash flowing at an incredible Current Cap Rate of 5.8% and 12.6 GRM from day 1!
- Priced at only 416k/door for renovated units with an amazing upside to 6.7% Cap Rate and 11.2 GRM on the proforma.
- Delivered with 10 fully renovated units with permits including 8 remodeled units plus 2 brand-new attached ADUs.
- Prelim Plans for 2 additional detached (1bed/1bath) ADUs over the open parking area in the back for future upside.
- 100% Occupancy!
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