21-Unit Value-Add Apartment in Downtown Santa Monica
PROFORMA CAP RATE 4.87% and PROFORMA GRM 14.75!
- IRREPLACEABLE LOCATION: One of the best apartment rental sites in Southern California!
- Once-in-a-lifetime opportunity for investors to acquire one of the best located apartment building in Southern California
- Ocean view for many units with rooftop penthouse complete with a private sundeck that provides a breathtaking ocean view!
- Downtown Santa Monica location within walking distance to the beach, Santa Monica Pier, Third Street Promenade, Downtown Santa Monica Metrolink Station (an at-grade light rail station in LA County’s Metro Rail system), Santa Monica Farmers Market, and a variety of restaurants, bars, shops, clubs, and ALL other best amenities the city has to offer!
- Strong demographics of ±$143,040 average household income within a 3-mile radius
- Significant rental upside potential! Proforma CAP Rate is over 5%
- There is no loan encumbering the property; Seller might consider carrying a 1st Trust deed for a qualified buyer with a strong offer
- Favorable unit mix for a rent control area
- R3 zoning, surrounded by properties of much higher density
- Several units have been updated
- Several units have oceanview, private deck area
- 6 garage parking in the back
- Rooftop Penthouse unit with sweeping oceanview and private sundeck
- Main electrical panel that is connect to incoming service was upgraded in 2017
- Not registered under any historical landmark registry (buyer to verify)
- Units are bright and have functional layouts with ocean breeze through many windows
The Growth Investment Group is proud to present 1045 Ocean Ave, Santa Monica. Steps from the beach in Santa Monica and walking distance to some of the best amenities in Santa Monica (world-famous Santa Monica Beach, Santa Monica Pier, Santa Monica Third Street Promenade, etc.), 1045 Ocean Avenue offers investor a once-in-a-lifetime opportunity to own an apartment asset in a truly irreplaceable location that could be considered as one of the best location in Southern California.
1045 Ocean Ave is a 21-units apartment in Downtown Santa Monica. It is located on Ocean Ave between California Ave and Washington Ave. It is located a block away from Third Street Promenade on Wilshire Blvd, across the street from Palisades Park that offers unobstructed ocean view of Pacific Ocean, Santa Monica Beach, Santa Monica Pier and Southern California coastline. It is within walking distance to all the best amenities Santa Monica has to offer, including Metrolink light-rail station on Colorado Ave. It has a strong demographics of $143,000 average household income within a 3-mile radius and has superb access to FWY 10 and CA-1N (Pacific Coast Highway) is a street away.
The property is a 2-1/2 story apartment that was built in 1922. It has a total of ±15,005 square feet building size (per profile) and situated on a ±11,260 square feet R3 lot. It is surrounded by much higher density residential properties on its left and right. Unit mix consists of four (4) 2bedroom+1bathroom, eight (8) 1bedroom+1bathroom, eight (8) studio, and one (1) penthouse-1bedroom+1bathroom. The property is master metered for electricity, gas and water. It is under Santa Monica Rent Stabilization Ordinance (rent control). It has a shared laundry room. Several units have been upgraded and one unit can be delivered vacant at close of escrow. Parking is provided by 6 garage parking in the back (alley access).
LOCATION, ACCESS AND AMENTITIES
Santa Monica is home to a diverse group of people with an eclectic and energized vibe. The location is a Perfect Paradise located near every desire and convenience. Tenants can enjoy an active California lifestyle in the infinite outdoor and indoor activity opportunities. Palisades Park and the white sandy beach are among the play grounds afforded residents. World-famous Santa Monica pier and Third Street Promenade are on within walking distance, complete with unique entertainment options, dining and shopping (http://www.downtownsm.com/business-directory ).
When it comes to food and entertainment, this location offers some of the best in Southern California. Some of the well-known local dining in the area are Ox and Son, Tar and Roses, Chinois on Main, Chaya Venice, Sushi Roku, Via Veneto, Cassia, and much more!
Some of the shopping options that are within walking distance are:
Santa Monica Place
The new Santa Monica Place is now a completely redeveloped as an appealing, open-air shopping and dining environment that connects with the vibrant Third Street Promenade and Santa Monica’s thriving downtown. Santa Monica Place stars two new department stores – Bloomingdale’s and Nordstrom – and 80+ specialty retailers and restaurants including Kitson, Nike, CB2, Burberry, Barneys Co-op, Tiffany & Co., Louis Vuitton, Betsey Johnson, Ted Baker, Juicy Couture, True Religion, Joe’s Jeans, White House | Black Market, Love Culture and many more. The Dining Deck as a third anchor (alongside Bloomingdale’s and Nordstrom) for the property reflects an updated priority in shopping center design, appealing to the new consumer who values a great experience as much as great merchandise. Dedicating one third of the square footage to food is something entirely new and exciting.
Third Street Promenade
Also within an easy stroll of the hotel is Third Street Promenade, a European-style walkway with exceptional Santa Monica shopping. Enjoy fine restaurants, live entertainment, movie theatres, shopping, a local artists’ scene and a weekly farmer’s market.
This Santa Monica beachside neighborhood rich in history and architecture, abounds with great restaurants, galleries and Santa Monica shopping boutiques. Some of the stores include Gap and Armani Express.
Home to shops and restaurants of elegance and style. Many consider its shops second only to Rodeo Drive in chic and sophistication. For more information, please visit the Montana avenue website.