2683 34th St, Santa Monica

The LAAA Team of Marcus & Millichap is proud to announce the successful sale of these 12 units located at 2683 34th Street, in Santa Monica, California. Built in 1959, the asset sits on 8,874 square feet of land with 6,208 square feet of rentable area and consists of (6) Studio / 1-Bath Units and (6) 1-Bed / 1-Bath Units.

The property boasts a very good amount of parking for the tenants, and this parking also brings in $14,400 of extra income each year. In total, there are 10 garage parking spaces for these 12 units, with additional surface parking in the middle of the lot. With the new, relaxed ADU laws passed last year, adding ADUs to this building would be quicker and easier than ever before. The garages in the back of the lot present the ideal location for the ADUs to be built cheaply.

Through our unmatched network of multifamily buyers and brokers, we were able to source multiple offers on this listing in the first two weeks of marketing. The winning buyer's offer was completely non-contingent, with a quick, all-cash close. We actually produced multiple higher offers, but the Seller decided to take slightly less money with the knowledge that the buyer had no contingencies, and the escrow was basically guaranteed to close. The escrow went as smooth as possible.

For more information about this transaction or a complimentary evaluation for your property and to examine your 1031 exchange options, give us a call today!

Closing