Marcus & Millichap is pleased to present these 12 units located at 2683 34th Street, in Santa Monica, California. Built in 1959, the asset sits on 8,874 square feet of land with 6,208 square feet of rentable area and consists of (6) Studio / 1-Bath Units and (6) 1-Bed / 1-Bath Units. This value add opportunity allows an investor to capitalize on over 28% rental upside potential, while still getting in at a great day-1 CAP rate of 4.38%. Another excellent opportunity to add value would be to build ADUs on this lot. With the new, relaxed ADU laws passed last year, adding ADUs to this building would be quicker and easier than ever before. Both the garages in the front and in the back of the lot present the ideal location for the ADUs to be cheaply built on top of the garages.The property boasts a very good amount of parking for the tenants, and this parking also brings in $14,400 of extra income each year. In total, there are 10 garage parking spaces for these 12 units.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
