2626 Cloverfield Blvd, Santa Monica, California, United States

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Home For Sale

$5,595,000

2626 Cloverfield Blvd
Santa Monica, California, United States

9bd 12ba

Listed By: Realtyww Info

Listed On: 06/22/2023

Listing ID: GL9927697 View More Details

Description

12 Unit building with 10 fully renovated vacancies in Prime Santa Monica cash flowing at an incredible Current Cap Rate of 4.5% and 15.4 GRM from day 1! Priced at only 466k/door for renovated units with an amazing upside to 5.2% Cap Rate and 13.8 GRM on the proforma. Delivered with 10 fully renovated vacancies with permits including 8 vacant units plus 2 vacant brand-new attached ADUs. The vacancies have been completely renovated with permits 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 and Wine Bar, Estate Coffee, and many more popping up all around the area.

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Listed by: Global Platinum Properties, Inc.

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