Homes for sale - 2626 Cloverfield BLVD, Santa Monica, CA 90405

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Ernie Caponera

ernie@newport-properties.com +1(714) 606-0926

$4,995,000

Est. payment - /mo

11 Beds

12 Baths

5,948 SqFt

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UPDATED:

11/23/2024 01:12 PM

Key Details

Property Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 5,948 sqft

Price per Sqft $839

MLS Listing ID 24464145

Bedrooms 11

HOA Y/N No

Year Built 1966

Lot Size 6,046 Sqft

Property Description

Huge 650k Price Reduction & Now 100% Occupied! 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 (100% occupied) 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.

Location

State CA

County Los Angeles

Area C14 - Santa Monica

Zoning SMR3*

Interior

Heating Wall Furnace

Fireplace No

Appliance Refrigerator

Exterior

Parking Features Uncovered

Total Parking Spaces 9

Building

Story 2

Entry Level Two

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 4273012016

Special Listing Condition Standard

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Listed by Armin Soleimani • Global Platinum Properties, Inc.

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(714) 606-0926

ernie@newport-properties.com

2747 E COAST HWY Unit 200, CORONA DEL MAR, California, 92625, USA

2626 Cloverfield BLVD Santa Monica, CA 90405