Reduced 650k! 12 Units w 10 Renovated 5.8%Cap | 2626 Cloverfield Blvd
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Reduced 650k! 12 Units w 10 Renovated 5.8%Cap 2626 Cloverfield Blvd
12 Unit Block of Flats £3,973,622 (£331,135/Unit) 5.80% Net Initial Yield Santa Monica, CA 90405
Investment Highlights
- 12 Unit building with 10 fully renovated units in Prime Santa Monica cash flowing at an incredible Current Cap Rate of 5.8% and 12.6 GRM from day 1!
- Delivered with 10 fully renovated units with permits including 8 remodeled units plus 2 brand-new attached ADUs.
- 100% Occupancy!
- Priced at only 416k/door for renovated units with an amazing upside to 6.7% Cap Rate and 11.2 GRM on the proforma.
- Prelim Plans for 2 additional detached (1bed/1bath) ADUs over the open parking area in the back for future upside.
Executive Summary
Huge 650k Price Reduction & Now 100% Occupied! 12 Unit building with 10 fully renovated units in Prime Santa Monica cash flowing at an incredible Current Cap Rate of 5.8% and 12.6 GRM from day 1! Priced at only 416k/door for renovated units with an amazing upside to 6.7% Cap Rate and 11.2 GRM on the proforma. Delivered with 10 fully renovated units with permits including 8 remodeled units plus 2 brand-new attached ADUs. These units have been completely renovated with permits (100% occupied) and boast a high-end aesthetic with new modern cabinets, flooring, recessed lighting, new bathrooms, stainless steel appliances, washer/dryer inside, as well as major exterior capital improvements. Notably, there are preliminary plans for 2 additional detached ADUs over the open parking lot in the back that offer exceptional future upside potential. The property is located in the heart of Santa Monica just minutes away from the Beach and within close proximity to Santa Monica Business Park as well as hip neighborhood attractions, restaurants, bars, and shops such as Layla Bagels, Local Kitchen & Wine Bar, Estate Coffee, and many more popping up all around the area.
Property Facts
| Price | £3,973,622 | Building Class | B |
| Price Per Unit | £331,135 | Lot Size | 0.14 AC |
| Sale Type | Investment | Building Size | 5,948 SF |
| Net Initial Yield | 5.80% | Average Occupancy | 100% |
| Gross Rent Multiplier | 12.65 | Number of Floors | 2 |
| No. Units | 12 | Year Built/Renovated | 1966/2023 |
| Property Type | Residential | Parking Ratio | 0.84/1,000 SF |
| Property Subtype | Apartment |
| Price | £3,973,622 |
| Price Per Unit | £331,135 |
| Sale Type | Investment |
| Net Initial Yield | 5.80% |
| Gross Rent Multiplier | 12.65 |
| No. Units | 12 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Building Class | B |
| Lot Size | 0.14 AC |
| Building Size | 5,948 SF |
| Average Occupancy | 100% |
| Number of Floors | 2 |
| Year Built/Renovated | 1966/2023 |
| Parking Ratio | 0.84/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| Studios | 1 | - | 450 |
| 1+1 | 11 | - | 500 - 700 |
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Walk Score ®
Very Walkable (80)
Bike Score ®
Biker's Paradise (95)
PROPERTY TAXES
| Parcel Number | 4273-012-016 | Improvements Assessment | £635,130 |
| Land Assessment | £1,639,046 | Total Assessment | £2,274,177 |
PROPERTY TAXES
Parcel Number
4273-012-016
Land Assessment
£1,639,046
Improvements Assessment
£635,130
Total Assessment
£2,274,177
zoning
| Zoning Code | SMR3* |
| SMR3* |
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Reduced 650k! 12 Units w 10 Renovated 5.8%Cap | 2626 Cloverfield Blvd
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