INVESTMENT HIGHLIGHTS:
- ALMOST TURNKEY apartment in a Class A Location, 2 blocks from the beach and 1 block from shopping and dining on Main Street
- Almost turnkey condition where major systems have been upgraded and 6 out 7 units have been completely upgraded.
- High CAP Rate of ±4.4% for this location and asset quality
- Significant rental upside with very attractive proforma CAP Rate
- Almost perfect Walk Score of 98, Bike Score 86
- Excellent Demographics: AHH Income ±$131,779 within a-mile radius
- A block from shops and restraurants on Main Street (Sunday Main St. Farmers Market, Chinois on Main, etc.)
PROPERTY HIGHLIGHTS:
- Very well maintained with excellent curb appeal
- A beautifully upgraded apartment 2 blocks from the beach in Santa Monica
- Excellent unit mix; 6 units have been extensively renovated
- Soft-story parking retrofit has been completed; copper plumbing throughout, upgraded electrical, updated sewer line, and double pane windows throughout
- 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)
EXECUTIVE SUMMARY
Growth Investment Group California is thrilled to present an exceptional investment opportunity in the heart of Santa Monica - 2615 S 2nd St, a prime apartment complex boasting 7 units situated just 2 blocks from the water. The property is in the Ocean Park area, just a block from Main Street. Only 2 blocks from the beach, this property has an almost perfect walk score of 98 and bike score of 86. It is located in an excellent demographics area of ±$131,779 average household income within a mile radius. Almost turnkey condition where major systems have been upgraded and 6 out 7 units have been completely upgraded.
The property is an attractive 2-story modern, mid-century apartment that was built in 1962. It offers an excellent curb appeal and has a total of ±4,696 square feet building size; it is situated on a ±6,487 square feet lot. The property has been upgraded extensively and its soft-story parking has been seismically retrofitted. It has copper plumbing throughout, updated sewer line, updated electrical, and double pane windows throughout. In addition, the property has security camera systems installed.
The property offers six (6) 1bedroom+1bathroom and one (1) large 2bedroom+2bathroom units. All units (except #1) have been completely upgraded with modern upgrades which include recessed lighting, new flooring throughout, in-unit washer/dryer, new kitchen with quartz countertops + new kitchen cabinets + dishwasher, new bathroom with new vanity cabinets, and mirrored closet doors. The 2 bedroom unit is large and bright with desirable layout and has been fully upgraded.
There are 7 assigned parking spaces (5 carports + 2 open). The parking soft-story area has been seismically retrofitted according to code. Each unit is separately metered for electricity and gas. There is a shared barbeque with outdoor seating area in the back and an old laundry room (storage).
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. 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.
As a coveted beachside location, Santa Monica has exhibited a consistent and strong appreciation in property values over the years. Investors have the opportunity to not only benefit from rental income but also witness long-term growth in property value, securing their investment for the future.