2711-2715 Pico Blvd
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2711-2715 Pico Blvd
16 Unit Block of Flats £5,137,885 (£321,118/Unit) 3.77% Net Initial Yield Santa Monica, CA 90405
Investment Highlights
- DELIVERED WITH 10 VACANT UNITS
- 9,926 square feet of building on a 20,897-square-foot lot
- Located next door to Starbucks and close to shopping, dining, and cultural landmarks in Santa Monica
- 16 units total: 14 one-bedrooms, 2 two-bedrooms
- Zoned MUBL (Mixed-Use Boulevard) FAR 2.0 and 45’ height under base standards. Potential for FAR 2.5 and 55’ height with 100% affordable housing proje
- Prime Santa Monica Location
Executive Summary
A Santa Monica Developer’s Dream! DELIVERED WITH 10 VACANT UNITS!
We are proud to present 2711-2715 Pico Blvd, a rare 16-unit apartment property in the heart of Santa Monica, offering incredible potential for investors and developers alike.
Set on a sprawling 20,897-square-foot lot, this property features two side-by-side buildings comprising 14 one-bedroom units and 2 two-bedroom units, all with charming hardwood floors. Parking is conveniently located at the rear of the property, adding to its tenant appeal. Plus, it’s situated directly next door to a Starbucks, ensuring unparalleled convenience and walkability.
This property presents a remarkable value-add opportunity through renovation or redevelopment. Zoned MUBL (Mixed-Use Boulevard), the site allows for FAR 2.0 and 45’ height under base standards. Potential for FAR 2.5 and 55’ height with 100% affordable housing projects (buyer to verify with the City of Santa Monica).
Prime Location:
Positioned in a highly desirable area, the property is just moments from Santa Monica’s top destinations:
• Santa Monica Beach and Pier
• Third Street Promenade
• Santa Monica Place shopping center
• Bergamot Station Art Gallery & Cultural Center
• UCLA Medical Center
• Colorado Center Urban Creative Office & Santa Monica Water Garden
And with a Starbucks right next door, tenants will enjoy ultimate convenience in their daily lives.
This is a once-in-a-lifetime opportunity to acquire a property with enormous potential in one of Southern California’s most desirable markets. Whether you’re planning to renovate the existing apartments or develop a mixed-use project, 2711-2715 Pico Blvd offers the location, size, and zoning to bring your vision to life.
We are proud to present 2711-2715 Pico Blvd, a rare 16-unit apartment property in the heart of Santa Monica, offering incredible potential for investors and developers alike.
Set on a sprawling 20,897-square-foot lot, this property features two side-by-side buildings comprising 14 one-bedroom units and 2 two-bedroom units, all with charming hardwood floors. Parking is conveniently located at the rear of the property, adding to its tenant appeal. Plus, it’s situated directly next door to a Starbucks, ensuring unparalleled convenience and walkability.
This property presents a remarkable value-add opportunity through renovation or redevelopment. Zoned MUBL (Mixed-Use Boulevard), the site allows for FAR 2.0 and 45’ height under base standards. Potential for FAR 2.5 and 55’ height with 100% affordable housing projects (buyer to verify with the City of Santa Monica).
Prime Location:
Positioned in a highly desirable area, the property is just moments from Santa Monica’s top destinations:
• Santa Monica Beach and Pier
• Third Street Promenade
• Santa Monica Place shopping center
• Bergamot Station Art Gallery & Cultural Center
• UCLA Medical Center
• Colorado Center Urban Creative Office & Santa Monica Water Garden
And with a Starbucks right next door, tenants will enjoy ultimate convenience in their daily lives.
This is a once-in-a-lifetime opportunity to acquire a property with enormous potential in one of Southern California’s most desirable markets. Whether you’re planning to renovate the existing apartments or develop a mixed-use project, 2711-2715 Pico Blvd offers the location, size, and zoning to bring your vision to life.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
£291,631
|
£29.38
|
| Other Income |
-
|
-
|
| Vacancy Loss |
£8,749
|
£0.88
|
| Effective Gross Income |
£282,882
|
£28.50
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
£89,214
|
£8.99
|
| Net Operating Income |
£193,668
|
£19.51
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | £291,631 |
| Annual Per SF | £29.38 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | £8,749 |
| Annual Per SF | £0.88 |
| Effective Gross Income | |
|---|---|
| Annual | £282,882 |
| Annual Per SF | £28.50 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | £89,214 |
| Annual Per SF | £8.99 |
| Net Operating Income | |
|---|---|
| Annual | £193,668 |
| Annual Per SF | £19.51 |
Property Facts
| Price | £5,137,885 | Apartment Style | Low Rise |
| Price Per Unit | £321,118 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.48 AC |
| Net Initial Yield | 3.77% | Building Size | 9,926 SF |
| Gross Rent Multiplier | 17.62 | Number of Floors | 1 |
| No. Units | 16 | Year Built | 1951 |
| Property Type | Residential | Parking Ratio | 1.21/1,000 SF |
| Property Subtype | Apartment |
| Price | £5,137,885 |
| Price Per Unit | £321,118 |
| Sale Type | Investment |
| Net Initial Yield | 3.77% |
| Gross Rent Multiplier | 17.62 |
| No. Units | 16 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.48 AC |
| Building Size | 9,926 SF |
| Number of Floors | 1 |
| Year Built | 1951 |
| Parking Ratio | 1.21/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 14 | - | - |
| 2+1 | 2 | - | - |
1 of 1
Walk Score ®
Very Walkable (85)
Bike Score ®
Biker's Paradise (94)
PROPERTY TAXES
| Parcel Number | 4274-008-038 | Improvements Assessment | £585,713 |
| Land Assessment | £855,636 | Total Assessment | £1,441,349 |
PROPERTY TAXES
Parcel Number
4274-008-038
Land Assessment
£855,636
Improvements Assessment
£585,713
Total Assessment
£1,441,349
zoning
| Zoning Code | MUBL (Zoned MUBL (Mixed-Use Boulevard) FAR 2.0 & 45’ height under base standards. Potential for FAR 2.5 & 55’ height with 100% affordable housing projects) |
| MUBL (Zoned MUBL (Mixed-Use Boulevard) FAR 2.0 & 45’ height under base standards. Potential for FAR 2.5 & 55’ height with 100% affordable housing projects) |
-
Benjamin Hsiang -
Don Favia -
Realty Investment Advisors
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2711-2715 Pico Blvd
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