2224 Oak Street, Santa Monica, CA 90405
Property · 3 recorded sales since 2017
Sold October 2021
Listing Agent: Filip Niculete (DRE #01905352) · Listing Office: Marcus & Millichap · Contact: 818-212-2700 · Bought with: Filip Niculete · Marcus & Millichap · MLS #21770960 · Source: CRMLS
About this property
We are pleased to present this 6-unit apartment building in the heart of Santa Monica, California. Three of these units are bungalow style and they sit on a 8,273 square feet corner lot with 3,590 square feet of rentable area. The offering is comprised of One-Bedroom and Studio units all with private yards and balconies. This former 4-unit building has recently been upgraded to a fully permitted 6-unit building with half of the units being extensively renovated. This gives an investor an opportunity to capture around 45% upside by renovating the remaining three units and achieving pro forma rents. Unit A is substantially below fair market in rents and is an unrenovated end unit located on the Southwest corner of 23rd and Oak Street. This unit also includes a private front side and very large rear yard. Unit B is also substantially below fair market in rents and is an unrenovated unit fronting 23rd Street with private front and rear yards. Unit C has been substantially rebuilt with new roofing, new windows, 13-foot ceiling height at its apex, new appliances, hardwood flooring, extensive and over-abundant cabinetry, washer/dryer in-unit, new LED lighting, and a fully renovated bedroom and bathroom. The tenants of this unit also enjoy large fully private front, side and backyards, and a rear deck including a nice fruit tree. Unit D has a large second story balcony and front awning. This unit remains unrenovated and is substantially below fair market rent. This unit includes a private stairwell and one on-site parking stall. Unit E was a nonconforming studio unit which is now a permitted unit with a large exclusive patio area with pavers and private fencing. This units renovations include new appliances, hardwood flooring, new windows, extensive cabinetry, washer/dryer in-unit, new LED lighting, fully renovated bathroom, studio, kitchen areas and a large walk- in closet. Unit F is a permitted ADU studio converted from a former 2 car garage with an exclusive patio area with pavers and private fencing. This unit includes new appliances, new windows, hardwood flooring, extensive cabinetry, washer/dryer in-unit, new LED lighting, and fully renovated bathroom, studio, and kitchen areas.
Listing description from the October 2021 sale, as reported to CRMLS.
Sale history
