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
Corey Rasmussen
310.948.8284
DRE 02042837
Nico Rosmarin
424.226.9449
DRE 02023847
INVESTMENT DESCRIPTION
Corey Rasmussen of Lyon Stahl Investment Real Estate 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.