- Walk Score: 96!
- Excellent Demographics: AHH Income ±$131,779 within a-mile radius
- 2 blocks from the beach! A block from shops and restraurants on Main Street (Sunday Main St. Farmers Market, Chinois on Main, etc.)
- HIGH CAP Rate for this location with a very attractive proforma CAP Rate
- 4 units can be delivered vacant
- Excellent unit mix; 6 units have been extensively renovated
- Total 7 parking spaces (1 for each unit); common garden/barbeque area
- Upgraded units have smooth ceiling, recessed lighting, new luxury wood flooring, tiled kitchen, new quartz countertops, new kitchen cabinets, new bathroom, mirrored closet doors, dishwasher, microwave, oven, in-unit laundry machine, and much more
- Charming common barbeque and picnic area in the back
- Each unit is separately metered for electricity and gas complete with inside in-unit washer/dryer (except unit#1)
- 1 non upgraded unit provides additional rental upside potential
The Growth Investment Group is proud to present 2615 2nd St, Santa Monica; a semi-upgraded 7-unit apartment property 2 blocks from the beach. The property is in the Ocean Park area, just a block from Main Street. Within blocks from the beach and stores along Main Street, this property has an extremely high walk score of 96 and bike score of 90. It is located in a super demographics region of ±$131,779 average household income within a mile radius. It offers high CAP Rate of close to 4% and a very attractive proforma CAP Rate of close to 5%. An astute operator that can self-manage the property will realize higher than 4% CAP Rate on year-1.
The property is an attractive 2-story modern, mid-century apartment that was built in 1962. It has a total of ±4,696 square feet building size and is situated on a ±6,487 square feet lot. The property has been upgraded extensively and it’s soft-story parking has been seismically retrofitted. It has new plumbing, new sewer line, and new electrical. In addition, the property has a security camera system installed.
The property offers six (6) 1bedroom+1bathroom and one (1) 2bedroom+2bathroom units. There are 7 assigned parking spaces (5 carport + 2 open). All units (except #1) have been completely upgraded with modern upgrades which includes new kitchen countertops, new kitchen cabinets, new flooring, new tiled bathroom, mirrored closet doors, and in-unit washer/dryer.
LOCATION, ACCESS AND AMENTITIES
Located in the southwest corner of Santa Monica is the Ocean Park neighborhood. The Ocean Park neighborhood is unique in the sense that it has one of the highest proportions of one, two, or no (studio) bedroom real estate of any neighborhood in America. This means it has a higher proportion of its residents employed as executives, managers and professionals – in comparison to the 98.4% of the neighborhoods in America. This unique neighborhoods’ characteristics translate to a younger tenant mix and higher mobility which is a desirable characteristic in any rent-controlled area.
Many Santa Monica residents come to shop/browse on Main Street, home of many boutiques, restaurants, as well as a local farmer’s market every Sunday. SMASH (an alternative school), Olympic High and John Muir elementary are schools located in the neighborhood.
Like the tides of the Pacific just a few blocks away, Main Street is characterized by a slow shift in personalities: By day, it’s a favorite of up-at-dawn locals, who come for breakfast or coffee after a sunrise surf session or to patronize the eclectic collection of businesses with their dogs and children in tow. Visitors can join in, easily filling an afternoon at laid-back patio-lined cafés and indie boutiques. In the evening, trendy restaurants and watering holes glow with a lively mix of options for nightlife lovers.