2235 20th St, Santa Monica, CA 90405

Approved plans for two ADU units! Permits are READY TO ISSUE once fees are paid, meaning a buyer can break ground immediately upon closing. The addition of these units creates an exceptionally high cap rate for a multifamily property in prime Santa Monica! We are pleased to present for sale a high-quality multifamily asset in prime Santa Monica, CA. 2235 20th St was built in 1970 and features 6 units with a gross square footage of 7,009. These particularly large floorplans feature 1, 2, and 3-bedroom options. There is (1) large owner's unit with 3 bedrooms and 21/2 bathrooms, as well as (4) 2-bedroom, 2-bathroom units and (1) 1-bedroom, 1-bathroom unit. Two of the units have been highly upgraded to include kitchens with quartz counters and shaker cabinets, bathrooms with floor to ceiling subway tile, and living areas with modern plank flooring. There is parking for 9 vehicles with a 2-car garage and driveway in front and five carport spaces in the rear. The building also offers tenants a common laundry room and intercom entry. 20th St is perfectly situated just one block from Santa Monica College on a tree-lined street with mostly low-density residential properties. Given its proximity to the college and its central location in the Ocean Park neighborhood, 20th Street is highly desirable to students, faculty, or anyone else that values being walking distance to premier dining, nightlife, and retail options. For the savvy investor, 2235 20th St provides a well-managed and highly sought after property with significant future upside potential in one of the most desirable locations Los Angeles has to offer. 2235 20th St's assumable loan has an approximate balance of $835K with fully amortized monthly payments and a fixed rate of 3.30% until 10/1/2027.