2450 Oak St, Santa Monica
For Sale
6 Units
$2,995,000
PROPERTY LOCATION
2450 Oak St, Santa Monica, CA 90405, USA
PROPERTY DETAILS
Property Type
Multifamily
Units
Price/Unit
6
$499,167
Price/Sqft
$839.17
Building Sqft
3569
Lot Sqft
Current Cap Rate
7010
3.87%
Current GRM
17.63
Year Built
1948
Zoning
Market Cap Rate
SMR2
5.46%
Market GRM
13.68
CONTACT
LISTING TEAM
INVESTMENT DESCRIPTION
The Rosmarin Group is pleased to present 2450 Oak Street, a beautiful 6-unit apartment building located in Santa Monica’s desirable Sunset Park neighborhood. The property was originally constructed in 1948 by prolific SM designer, Cecil Gale, featuring original Tiffany stained-glass windows, and has since been well-kept and some units remodeled.
The property features various upgrades to some of the units including all new windows, copper plumbing, in-unit laundry, steel appliances, granite countertops, chef’s kitchen, ceiling fans, stackable W/D, and a new roof on both buildings with a rubberized layer installed in 2015-2016.
4 of the 6 units have huge private gated patios, and the front house has a private gated patio with a fire pit. There are 5 private garages on-site, all with remote access, that are currently rented to off-site tenants, providing additional income.
Two units can be delivered vacant including the owner's unit with private patio and firepit. There is also an option for an interest-only seller carry with only $850k down.
With strong in place rents and ~30% upside, this is a perfect exchange property or owner-user in the highly sought-after, quiet, and very walkable residential neighborhood of Sunset Park, with easy access to Lincoln Blvd and the 10 FWY.