2626 Cloverfield Boulevard, Santa Monica, CA 90405 (MLS # 24364849)
Huge 650k Price Reduction! 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 (2 vacant) 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 Type(s):
Residential Income
|
Last Updated
|
4/8/2024
|
Year Built
|
1966
|
|
Community
|
Santa Monica
|
County
|
Los Angeles
|
Price History
|
Prior to Apr 8, '24
|
$5,100,000 |
| Apr 8, '24 - Today |
$4,995,000 |
Additional Details
| APPLIANCES |
Refrigerator |
| AREA |
Santa Monica |
| BUYER'S BROKERAGE COMPENSATION |
2.500 % |
| GARAGE |
Uncovered |
| HEAT |
Wall Furnace |
| LOT |
6046 sq ft |
| PARKING |
Uncovered |
| STORIES |
2 |
| ZONING |
SMR3* |
Location
Listed with Global Platinum Properties, Inc.
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. as of 4/28/24 12:28 PM PDT and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
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