2715 Pico Blvd Santa Monica, CA 90405
- Apartment buildings
- 9,926 SF
Current Use by Public Records
- SMBrothers Glass / Association / Organization
Property Details for 2715 Pico Blvd
- Year built
- 1951
- Property size
- 9,926 SF
- Property type
- Apartment buildings
Description
This exceptional investment opportunity presents a 16-unit apartment building situated on a substantial 20,782 square foot lot in the heart of Santa Monica, California. The property, comprised of two one-story buildings totaling 9,926 square feet, features 14 one-bedroom and 2 two-bedroom units, all with hardwood floors. Currently boasting a 3.77% cap rate and a $246,986 NOI, a pro-forma analysis projects a 5.73% cap rate and a $375,146 NOI, indicating significant value-add potential. The asking price is $6,550,000, translating to $409,375 per unit. Twelve parking spaces are available for residents. Built in 1951, this property is zoned MUBL (Mixed-Use Boulevard), allowing for a 2.0 FAR and 45-foot height under base standards, with potential for increased FAR and height with affordable housing projects (buyer to verify with the City of Santa Monica). Its prime location, adjacent to a Starbucks and within easy walking distance of Santa Monica Beach, Third Street Promenade, and other key attractions, ensures high tenant demand. Ten units are currently vacant, presenting an immediate opportunity for renovation and increased rental income. This property offers a compelling combination of immediate income generation and significant long-term development potential in one of Southern California's most desirable markets. The property's address is 2711-2715 Pico Blvd, Santa Monica, CA 90405.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Santa Monica
- County
- Los Angeles
- State
- California
- Longitude
- -118.461
- Latitude
- 34.0243
