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2450 Oak St, Santa Monica

For Sale

6 Units

$2,995,000

1/45

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

Nico.jpg

Charlie Rasmussen

310.404.9072

DRE 02039995

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Nico Rosmarin

424.226.9449

DRE 02023847

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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.