2626 Cloverfield Boulevard , Santa Monica, CA - 90405, Santa Monica CA is for sale :

Call For Appointment to See This Home
Dmitry Litvishkov (310)-709-4920

2626 Cloverfield Boulevard , Santa Monica, CA - 90405 is For Sale

Details

Price : $4,995,000

Address : 2626 Cloverfield Boulevard

City : Santa Monica

State : CA

Area : C14 - Santa Monica

Property Type : Residential Income

Sq M : 562 M²

Total Units : 12

CAP rate : $6

Gross Operating Income : $383,154

Net Operating Income : $289,651

MLS# : 24441541

Lot Size (Acres) : 0.1388 ac

Property Description

Santa Monica Home For Sale. 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.

Listed By

Global Platinum Properties, Inc.

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