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Description
1. Delivered 100% vacant, plans approved to renovate 4 existing apartments and add 3 additional units, located in prime Santa Monica 2. Charming courtyard-style style configuration with (1) one-bedroom and (3) two-bedroom bungalow-style units surrounding a sunlit garden with the opportunity for a Buyer to build an additional duplex on what is currently the center courtyard, and a studio ADU over the garage 3. Seller has plans and permits stamped and approved to build three ADUs and renovate the existing units into Class A Spanish-style bungalows 4. Upon the completion of renovations and ADU development, a Buyer can quickly achieve an attractive 7.51% cap rate in one of the most competitive markets in the country 5. The property is exempt from Title 24, which alleviates energy restrictions and will allow for a more expeditious development process
Location
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Listing Agent: Anna Kampling Courtesy of: Colliers International Greater Los Angel The real estate listing information is provided by California Regional MLS, Inc. and/or CARETS® for the consumer’s personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumer may be interested in purchasing or leasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (IDX) program of the California Regional MLS, Inc. and/or CARETS®. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns the web site. Information is deemed reliable but not guaranteed, and consumer is responsible for verifying the accuracy of all information. Copyright © California Regional MLS, Inc. and/or CARETS®. All Rights Reserved. Updated: 23rd March, 2023 3:50 AM (UTC)
