02 Jan 6 Unit Santa Monica Value Add Investment Property For Sale
6 Units Value Add Investment Opportunity
Located between Santa Monica and Wilshire Blvd
Over 90% Upside in Rental Income
Contact Eric von Bluecher @ 310-900-9505 or firstname.lastname@example.org
SANTA MONICA 6 UNIT INVESTMENT OPPORTUNITY
- Value add investment ideally located in a premium rental neighborhood between Santa Monica Blvd. and Wilshire Blvd.
- Walk Score ® for this location: 89 “Very Walkable”, 82 ”Very Bikeable” and 66 “Good Transit” further adding value to potential rental income
- High income potential unit mix of (1) 4 bed +2 bath two-story unit with roof deck, (3) 2 bed + 1.5 bath and (2)1 bed +1 bath
- Six covered parking spots with one additional garage and 5 storage rooms
- Washer and dryer are landlord owned for additional income
- A conservative 90% upside in rental income
- Individually metered for gas and electric
This 6 unit investment opportunity comes with a current gross income of just over $128,000 with a potential market income of over $248,000 once units have been repositioned and collecting market rate rents. The 90% rental upside of this investment opportunity is mostly due to it’s fantastic unit mix of one four bedroom owners unit, three two bedroom, two bath units and two, one bed, one bath units that are all significantly below market rents. The building has been owned by the current landlord for fifty years with plenty of opportunity for renovations and management improvements to add value to this unique investment opportunity in Santa Monica. The property has an 89 WalkScore ® giving tenants the ability to walk to errands, coffee, shops and restaurants which benefits the investor greatly in rental income for tenants looking to pay a premium for walkable apartments. In addition, this property is located less than a mile from the 26th Street / Bergamot Station Expo Line with easy transit to the beach/Promenade and downtown Los Angeles. There are approximately 6 parking spaces located in the rear of the building along with one garage currently used for storage and one additional surface parking in the front of the building. Five storage units are featured throughout the building, landlord owned washer/dryer, and individual meters for gas and electric. This property is under Santa Monica rent control currently suppressing the current value with tremendous upside potential to be unlocked for the savvy investor.