2224 Oak St, Santa Monica

The LAAA Team and The Liberow Group of Marcus & Millichap are proud to announce the successful sale of this 6-unit apartment building in the heart of Santa Monica, California.

Property Description

2224 Oak Street, located near the corner of Ocean Park Blvd & 23rd Street, is a 6-unit apartment building that sits on an 8,273 sqft lot. Built-in 1937 and extensively renovated in 2021, this 3,590 sqft property is comprised of four buildings, three of which contain individual bungalow-style units. The property is comprised of two (2) studios and four (4) 1 Bed / 1 Bath units, all of which have private yards or 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.

Deal Story

We began our marketing process on August 5th, 2021 when we sent out our first “Just Listed" email blast to over 10,000 local multifamily investors. Within 24 hours of sending that email, we received a strong offer from a local investor who's aggressively searching for well-located, turn-key, and smaller apartment buildings throughout Los Angeles.

This buyer's offer had great terms (quick due diligence, quick close, no financing contingency), but the price was lower than the seller was willing to accept, considering we had just hit the market 24 hours prior. After a few days, the seller decided to give this buyer a counter offer but with a price only slightly below the list price. The buyer came back with his own counter offer with his best and final price of $2.7M. Since the buyer had great terms and was clearly extremely qualified to purchase the deal, the seller decided to accept his offer, and we opened escrow just 4 days after we hit the market.

The only hurdle of this escrow was to make sure the two newly built ADUs were leased before we closed escrow, and they needed to be leased at a certain rent amount for the buyer to receive the loan he was quoted for. The seller was able to get both units leased a couple of weeks ago which led to our successful close of escrow today, which was two days earlier than expected.

This was a successful sale all around. The seller wanted to sell this smaller project and focus on only purchasing larger properties, and the buyer wanted to buy a small, well-located, turn-key property, and this property perfectly fit that description.

Lastly, Marcus & Millichap Capital Corporation facilitated the buyer's loan and was able to get...