2626 Cloverfield Blvd, Santa Monica, CA 90405

$4,995,000
11
BD
14
BA
6,948
SqFt
List Price
$4,995,000
MLS#
22-186863
Year Built
1966
Bedrooms
11
Bathrooms
14
Living Sq. Ft
6,948
Lot Size
6,046
Lot Location
Corner Lot
Days on Market
11
Property Type
Multifamily
Style
Traditional
Stories
2

Property Description

10 Unit building with 6 vacancies and preliminary plans for 4 ADUs in Prime Santa Monica priced at only 388k/door for mostly vacant units. Incredible current 5% Cap Rate and 14.6 GRM after renovations with upside to 6.4% Cap Rate and 12.1 GRM on the proforma. There are Preliminary plans to add 4 ADUs including 2 Attached Studio units in the Garages + 2 detached one-bed units in the back parking area. The building is within walking distance to Clover Park and many businesses and restaurants along Ocean Park Blvd. This is a true value-add opportunity in Santa Monica and a perfect 1031 exchange opportunity. Santa Monica has become a new hub for many tech companies as they are extending their offices in Santa Monica. In recent years, the area has transformed into a headquarters hub, home to some of the most recognized companies in the world including Beach Body, Lionsgate, Tastemade, and ZipRecruiter, The Honest Company, among many others. Santa Monica has become one of LA's hottest and most expensive neighborhoods bursting with restaurants, art galleries, shopping, and tech/entertainment/media headquarters. Price/Unit, Cap Rate, & GRM are based on Total Price for sake of conservatism, which includes construction costs of ADUs.

Additional Information

Lot Description
Alley Paved
Other Buildings
Accessory Dwelling Unit
Heat
Wall
Cooling
Ceiling Fan
Exterior Construction
Stucco
Number of Cars in Garage
Uncovered
Water
District

Mortgage Calculator

Amount of Loan
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Term of Loan
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Calculator source: Real Geeks

Courtesy of , Julio Ruiz - CA DRE#

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