Description
8-unit property with 6 of the units immaculately upgraded by Teague Designs located in the Mid-City area of Santa Monica. Just a few blocks away from top-tier restaurants, upscale shopping, high-end grocery stores like Erewhon Market, Bristol Farms and Whole Foods, and major employment hubs.- Comprised of (1) 1-bdrm + 1-bath unit (ADU), (1) 2 bdrm + 1 bath unit, (3) 2bdrm+ 1.5 bath townhome units, (1) 2 bdrm + 2 bath unit, and (2) 2bdrm + 2.5 bath townhome units. Sitting on an 8,125 SF lot zoned SMR2 located just north of Colorado Blvd.- All the units have large private outdoor patios, balconies, or rooftop decks that accommodate for indoor/outdoor living. The upgraded units all have custom built-ins and finishes. In addition, all the upgraded units have in-unit washers and dryers and an outdoor barbecue area with wet bar and storage area. Unit 2 the 2 bdrm + 2 bath unit has a private elevator taking the tenant from the parking area directly to the balcony entryway and the rooftop deck.- Tremendous Value-add opportunity, rents are approximately 53.0% below market compared to renovated units in the area. 7 units are in turn-key condition- 2 units delivered vacant: owner's unit (unit 2) and ADU (Unit 8) All offers need to be submitted on a CAR RIPA form. Gross rent multiplier and cap rate assume that both vacant units (owners unit and ADU) are leased at projected market rents.
Location
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Based on information from CRISNet MLS all data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Updated: 13th August, 2022 6:16 AM (UTC)
