Thank you
Laurie Lustig
Laurie J. Lustig
310-550-2500
INCLUDES TO-BE-BUILT 3 PERMIT READY ADUs! CBRE, as exclusive agent, is pleased to present for sale an exceptionally located Santa Monica value-add opportunity comprised of 12 existing apartment units, together with approved and permit-ready plans to build three accessory dwellings units (ADUs), for a potential total of 15 apartment units, walking distance to the Pacific Ocean. Located at the northeast corner of 2nd Street and Ashland Avenue in Santa Monica's Main Street neighborhood, 2823 2nd Street includes an existing 12-unit apartment property, of which four units were recently gut renovated and completely modernized with copper plumbing, tankless water heaters, mini-split HVACs in the living rooms and bedrooms, and in-unit washer/dryers, among other upgrades. The Seller also made capital improvements to the property including a new electrical panel with individual meters, new landscaping, and new wrought iron fencing. Of the remaining eight unrenovated units, two will be delivered vacant at the close of escrow. As well, Seller obtained Architectural Review Board and Building Department approval to add a 450 square foot patio space for Unit G (a vacant second-story unit). The Seller also secured pre-approval to build another 450 square foot patio space for Unit H (the other second-story unit) in the future. Additionally, Seller procured entitlements to build three ADUs. Each of these ADUs would be one bedroom and one bathroom. The ADUs will replace an existing garage structure on Ashland Avenue, which was previously leased out as nine storage spaces. The storage spaces will be delivered vacant at the close of escrow and are not subject to any leases. A buyer may choose to either build out the three ADUs or may choose to lease out the nine storage spaces for additional income. Renovated Units Feature: Copper Plumbing, Tankless Water Heaters, Mini Split HVAC in Living Room & Bedroom, In-Unit Washer/Dryer, Recessed Lighting, New or Refinished Flooring Throughout, Beautiful White Cabinetry and Quartz Countertops in Kitchen & Bathroom, New Stainless Steel Appliances Including, Cooktop, Oven, Refrigerator, Dishwasher & Microwave, Renovated Bathrooms with Walk-In Showers, New Fixtures in Kitchens & Bathrooms, Low-Profile Ceiling Fans, New Windows & Blinds and New Electrical Subpanels with Upgraded Wiring Throughout. Non-renovated Units Feature: Separate Water Heaters, Hardwood Floors and Gas Stoves. Property Features Include: New Wrought Iron Fence Around Perimeter of Property, New Stamped Concrete Pavers in the Courtyard, New Electrical Panel with Individual Meters (400A), Newly Painted Exterior and New Landscaping. Offers Due: Friday, April 19, 2024 by 5 p.m.
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Total Bedrooms : 12
Total Baths: 12
Full Baths: 0
Half Baths: 0
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.3
Lot Size Source: Vendor Enhanced
Lot Size Square Feet: 13067
Original List Price: 6,850,000
Listing Contract Date: 2024-02-23
Listing Agreement: Seller Reserved
Parcel Number: 4287023029
Garage Description: Permit Required
Lease Term: Negotiable
Source Listing Status: Active
Source Neighborhood: C14 - Santa Monica
Postal Code Plus 4: 4119
Directions: Main Street Neighborhood
Zoning: SMOP2*
Source Property Type: Residential Income
Area: C14 - Santa Monica
Year Built Source: Vendor Enhanced
Levels or Stories: One
Building Total Stories: 1
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
Land, Santa Monica, CA,90405 | $2,250,000 | -- | -- | -- | 5865 Sqft |
2960 Neilson Way #401, Santa Monica, CA,90405 | $2,995,000 | 2 | 2 | 1,290 | 134111 Sqft |
619 Pacific Street, Santa Monica, CA,90405 | $2,250,000 | 2 | -- | 704 | 7451 Sqft |
130 Ocean Park Boulevar.., Santa Monica, CA,90405 | $2,595,000 | 2 | 2 | 1,425 | 196170 Sqft |
2960 Neilson Way #402, Santa Monica, CA,90405 | $2,295,000 | 1 | 1 | 1,168 | 134111 Sqft |
2403 Centinela Avenue, Santa Monica, CA,90405 | $3,990,000 | 11 | -- | 5,337 | 18027 Sqft |
118 Strand Street, Santa Monica, CA,90405 | $4,999,999 | 1 | 1 | 740 | 5930 Sqft |
443 Bay Street, Santa Monica, CA,90405 | $2,875,000 | 13 | -- | 5,532 | 5752 Sqft |
1513 Bay Street, Santa Monica, CA,90405 | $1,999,000 | 3 | 1 | 1,188 | 6595 Sqft |
1413 Ocean Park Bouleva.., Santa Monica, CA,90405 | $1,249,900 | 3 | 2 | 1,408 | 6439 Sqft |
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ByOwner last updated this listing 04/29/2024 @ 03:49
MLS: 24371870
LISTED BY: Laurie Lustig, Laurie J. Lustig
SOURCE: CRMLS
Buyer Agency Compensation: 2%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.