1802 Ocean Park Blvd Santa Monica, CA 90405-4927

Property Details for 1802 Ocean Park Blvd

Year built

1949

Construction

WOOD

Lot size

0.16 lot acres

Property size

5,968 SF

Zone code

SMR3*

Property type

Apartment buildings

APN

4272-001-001

APU

4272001001

Description

This exceptional 7-unit apartment building, located at 1802 Ocean Park Blvd in the desirable Sunset Park neighborhood of Santa Monica, California (90405), presents a compelling investment opportunity. The property boasts 5,968 square feet on a 6,905 square foot lot and features a mix of unit sizes: four 2-bedroom, 1-bathroom units in the front building, and three units in the rear building (two 2-bedroom, 1-bathroom units on the second floor and one 1-bedroom, 1-bathroom unit on the first floor). Each unit includes a spacious kitchen and washer/dryer hookups. Five of the seven units are currently vacant, offering immediate value-add potential. The building also includes six parking garages, five of which are currently rented. Built in 1949, the property is zoned SMR3 and offers a strong pro-forma NOI of $212,796 and a pro-forma cap rate of 6.16%. The current NOI is $195,338, and the cap rate is 5.66%. The asking price is $3,450,000, translating to $492,857 per unit and $578 per square foot. The building's prime location is adjacent to Sunset Park Village, providing convenient access to numerous shops and restaurants. There is potential to add two additional dwelling units (ADUs), further enhancing the property's value and income potential. The property is offered fee simple. APN: 4272-001-001.