Description
1. Delivered 100% vacant, plans approved to renovate 4 existing apartments and add 3 additional units, located in prime Santa Monica 2. Charming courtyard-style style configuration with (1) one-bedroom and (3) two-bedroom bungalow-style units surrounding a sunlit garden with the opportunity for a Buyer to build an additional duplex on what is currently the center courtyard, and a studio ADU over the garage 3. Seller has plans and permits stamped and approved to build three ADUs and renovate the existing units into Class A Spanish-style bungalows 4. Upon the completion of renovations and ADU development, a Buyer can quickly achieve an attractive 7.51% cap rate in one of the most competitive markets in the country 5. The property is exempt from Title 24, which alleviates energy restrictions and will allow for a more expeditious development process
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0BEDS
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0.18ACRES
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0BATHS
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01/2 BATHS
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5,100SQFT
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$745$/SQFT
School Ratings & Info
Description
1. Delivered 100% vacant, plans approved to renovate 4 existing apartments and add 3 additional units, located in prime Santa Monica 2. Charming courtyard-style style configuration with (1) one-bedroom and (3) two-bedroom bungalow-style units surrounding a sunlit garden with the opportunity for a Buyer to build an additional duplex on what is currently the center courtyard, and a studio ADU over the garage 3. Seller has plans and permits stamped and approved to build three ADUs and renovate the existing units into Class A Spanish-style bungalows 4. Upon the completion of renovations and ADU development, a Buyer can quickly achieve an attractive 7.51% cap rate in one of the most competitive markets in the country 5. The property is exempt from Title 24, which alleviates energy restrictions and will allow for a more expeditious development process
Based on information from California Regional Multiple Listing Service, Inc. as of 2023-06-08T16:34:25.043. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Team Forss Realty Group. Licensed in the State of California, USA.