2823 2nd Street
Santa Monica, CA, 90405 $ 6,850,000
Baths0.0 Monthly Estimate*
$ 47,849
Studio
for $6,850,000. The lot size is 0.3.
INCLUDES TO-BE-BUILT 3 PERMIT READY ADUs! CBRE, as exclusive agent, is pleased to present for sale an exceptionally located Santa Monica value-add opportunity comprised of 12 existing apartment units, together with approved and permit-ready plans to build three accessory dwellings units (ADUs), for a potential total of 15 apartment units, walking distance to the Pacific Ocean. Located at the northeast corner of 2nd Street and Ashland Avenue in Santa Monica's Main Street neighborhood, 2823 2nd Street includes an existing 12-unit apartment property, of which four units were recently gut renovated and completely modernized with copper plumbing, tankless water heaters, mini-split HVACs in the living rooms and bedrooms, and in-unit washer/dryers, among other upgrades. The Seller also made capital improvements to the property including a new electrical panel with individual meters, new landscaping, and new wrought iron fencing. Of the remaining eight unrenovated units, two will be delivered vacant at the close of escrow. As well, Seller obtained Architectural Review Board and Building Department approval to add a 450 square foot patio space for Unit G (a vacant second-story unit). The Seller also secured pre-approval to build another 450 square foot patio space for Unit H (the other second-story unit) in the future. Additionally, Seller procured entitlements to build three ADUs. Each of these ADUs would be one bedroom and one bathroom. The ADUs will replace an existing garage structure on Ashland Avenue, which was previously leased out as nine storage spaces. The storage spaces will be delivered vacant at the close of escrow and are not subject to any leases. A buyer may choose to either build out the three ADUs or may choose to lease out the nine storage spaces for additional income. Renovated Units Feature: Copper Plumbing, Tankless Water Heaters, Mini Split HVAC in Living Room & Bedroom, In-Unit Washer/Dryer, Recessed Lighting, New or Refinished Flooring Throughout, Beautiful White Cabinetry and Quartz Countertops in Kitchen & Bathroom, New Stainless Steel Appliances Including, Cooktop, Oven, Refrigerator, Dishwasher & Microwave, Renovated Bathrooms with Walk-In Showers, New Fixtures in Kitchens & Bathrooms, Low-Profile Ceiling Fans, New Windows & Blinds and New Electrical Subpanels with Upgraded Wiring Throughout. Non-renovated Units Feature: Separate Water Heaters, Hardwood Floors and Gas Stoves. Property Features Include: New Wrought Iron Fence Around Perimeter of Property, New Stamped Concrete Pavers in the Courtyard, New Electrical Panel with Individual Meters (400A), Newly Painted Exterior and New Landscaping. Offers Due: Friday, April 19, 2024 by 5 p.m.
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FeaturesGeneralZoning SMOP2*
Levels One
County Los Angeles
Net Operating Income 292654.0
New Construction No
Property Type C
HOA / Comm Assn No
Status Active
City Santa Monica
Buyer Agent Compensation 2.00
Senior Community Y/N No
MLS Area C14 - Santa Monica
Lot Size Square Feet 13067.0
Street Name 2nd
Standard Status Active
Buyer Agent Compensation Type %
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ExteriorParking Features Permit Required
Lot Size Area 13067.0
Lot Size Acres 0.3
Lot Size Units Square Feet
Land Lease Type Fee
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InteriorTotal Stories 2
Street Suffix Street
Total Baths 0
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* Excluded FeaturesList ByLaurie LustigListing Agent
Affordability Calculator
- Monthly Principal & Interest
- $47,849
- Monthly Property Taxes
- --
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 7.49% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbyMulti-family listings in Santa Monica, CA
Average List Price $3,843,179
Percent of Sale Price 44%
About Santa Monica, CA 92,541 Population
10% Since 2002
$ 89,894 Median Income
42.46 Median Age
16% Households with Children
Trends Information provided by ATTOM Data Solutions.
793437 Elementary School
793428 Middle School
Unknown High School High School
Pricing HistoryDate | Price | Price Change | Description |
---|
3/23/2024 | $6,850,000 | | Listed Price |