35 Arcadia Terrace Santa Monica, CA 90401

Located less than a block from the beach and the Santa Monica Pier, 35 Arcadia Terrace is a unique apartment building. The property, a former hotel, has been converted into nine legal units, according to the City of Santa Monica's records. Each unit has been completely remodeled with new kitchens, bathrooms, flooring, and millwork. Unusually for small units in Santa Monica, each features a split system HVAC unit and an in-unit washer and dryer. The building's exterior has also been remodeled for a classic, elegant look. Situated on Arcadia Terrace, a small pedestrian way behind locked gates associated with the adjacent Sea Blue Hotel, the property benefits from a unique pedestrian courtyard and 24-hour monitoring and security. A staircase at the back of the courtyard leads directly to the beach, accessible via a locked gate for residents of the small buildings and the hotel. The property has 3810 square feet. There is no onsite parking; however, residents can obtain monthly parking passes at the city lot at the bottom of the rear staircase with proof of residency. Eight of the nine units are small, one-bedroom, one-bath apartments, and one unit is a studio. The building has been operated for short-term rentals to maximize income. Prior to listing the property for sale, the leases were being converted to long-term rentals. Three units have been rented on a permanent basis, and six will be delivered vacant, available for either short-term or long-term rentals. The property is located between Ocean Avenue and the beach, less than one block from the Santa Monica Pier and the Santa Monica Promenade, making it suitable for both tourist rentals and permanent residents. Across the street from Chez Jay and next to hotels, restaurants, bars, and shops, this property presents an opportunity for investors.