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$ 2,850,000
Est. payment /mo
New
1047 Ocean Park BLVD Santa Monica, CA 90405
7 Baths
5,296 SqFt
UPDATED:
02/05/2025 01:19 PM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 5,296 sqft
Price per Sqft $538
MLS Listing ID 25489977
HOA Y/N No
Year Built 1947
Lot Size 6,621 Sqft
Property Description
** SELLER FINANCING of $1,700,000 at a 4.52% Rate Available through 2032 (7 full years at 60% LTV)** 1047 Ocean Park Blvd is a 5,296-square-foot, seven-unit apartment building situated on a 6,617-square-foot corner lot, just east of Lincoln Blvd and less than a mile from the ocean. The property features a mix of five 2- bedroom/1-bathroom units, including one townhouse, and two large studio units. It also provides a total of ten parking spaces, offering convenience and accessibility for tenants.The property has undergone significant upgrades in recent years. Select units have been updated with maple and laminate flooring, and the building was retrofitted within the last two years. Foundational work was completed in 2023, while a new concrete driveway was paved in November 2022. This property offers strong rental upside with a pro-forma cap rate of 6.51% and a pro-forma GRM of 10.97. Its prime Santa Monica location combined with its recent improvements and competitive financing options, this property is a great investment opportunity with room for growth.
Location
State CA
County Los Angeles
Area C14 - Santa Monica
Zoning SMR3*
Interior
Fireplace No
Exterior
Parking Features Carport
Total Parking Spaces 10
Building
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 4284009001
Special Listing Condition Standard
Listed by David Messiah • Lyon Stahl Investment Real Estate, Inc.