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Listing Agent: Julio Ruiz
Courtesy of: Global Platinum Properties, Inc.
Days On Market: 48
Year Build: 1966
Total Baths: 14
Full Baths: 14
Address: 2626 Cloverfield
County: Los Angeles
City: Santa Monica
Neighborhood: C14 - Santa Monica
Huge 500k Price Reduction! 10 Unit building with 6 vacancies and plans for 4 ADUs in Prime Santa Monica priced at only 353k/door for 60% vacant units. Incredible current 5.6% Cap Rate and 13.3 GRM after renovations with upside to 7.2% Cap Rate and 10.9 GRM on the proforma. There are plans to add 4 ADUs including 2 Attached Studio units in the Garages (Approved RTI) + 2 detached one-bed units in the back parking area (Preliminary). 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, Price/SF, Cap Rate & GRM are based on Total Price for sake of conservatism, which includes the construction cost of 4 ADUs 1,800 SF at 250/SF (450k).