22
$486,364
$584.51
3.84%
17.32
6.01%
12.36
The LAAA Team of Marcus & Millichap is pleased to present these 22 units, excellently located at 2721 6th Street, in Santa Monica, California. Built in 1971, the asset sits on 13,499 square feet of land with 18,306 square feet of rentable area and boasts a great unit mix of (2) Studio / 1-Bath, (12) 1-Bed / 1-Bath, and (8) 2-Bed / 2-Bath Units.
This property, which has not been sold in over 15 years, contains very large and bright units, and some of the units have private balconies with amazing, panoramic views of the Pacific Ocean. Additionally, the roof top deck, which is accessible for all tenants, allows all tenants the opportunity to enjoy the unmatched ocean views. The roof top deck is a great avenue for value add potential where a savvy buyer could invest into making the roof top deck into a very desirable amenity, ultimately raising the market rents for all units.
This property, located just 6 blocks from the world famous Santa Monica and Venice beaches, presents an extremely rare value add opportunity for an investor to capitalize on the estimated 40% upside potential in rents. Furthermore, the buyer will not have to worry about the costly expense of the mandatory seismic retrofitting since the seller has already paid for and completed that work. The seller has also upgraded many units throughout the building, adding a washer/dryer to each unit that he renovated.
The property also boasts an excellent amount of secure and gated parking spots for all its tenants and their guests, which is a true rarity in the notoriously difficult parking neighborhood. Again, this is yet another reason why rents at this building can be pushed to the very top of Santa Monica rents.
Lastly, with today's historically low interest rates, a qualified investor can receive a bank loan with a 3.25% interest rate and 55% LTV. An investor could also decide to go with Fannie or Freddie financing, which could result in a sub-3% interest rate.
This truly rare offering is perfect for the value add investor who wants the security of one of the best locations throughout Los Angeles, just a short walk to both Santa Monica and Venice Beach.
