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2710 Arizona Ave, Santa Monica, CA 90404

2710 Arizona Ave, Santa Monica, CA 90404

2710 Arizona Ave

Exclusively listed by the LAAA Team at Marcus & Millichap

Listing Price
$1,800,000
Cap Rate
5.38%
Units
4
GRM
15.52
Price / Unit
$450,000
Price / SF
$768.57
Gross SF
2,342 SF
Year Built
1950

Offering

Offering Overview

The LAAA Team of Marcus & Millichap, together with The Appel Group of Equity Union Commercial, is pleased to present 2710 Arizona Ave, known as The Bungalows, a four-unit apartment building one block south of Wilshire Boulevard in Mid-City Santa Monica. Behind a hedge and a gated frontage, the property opens onto a landscaped courtyard patio, a private garden setting at the center of the building. Built in 1950, the four one-bedroom residences keep the scale and feel of a small neighborhood court, with mature shade trees, garden beds and a courtyard seating area around them. Unit A has two full baths, one up and one down. The detached garage on the rear alley is leased as studio space at $1,300 a month, or $15,600 a year, a second source of income outside the unit rents.

  1. 01

    30% Rental Upside. Scheduled rent of $116,004 a year rises to $150,960 at market rents. Unit C is at $723 a month against a $2,995 market rent.

  2. 02

    Cap Rate Climbs With Rent. NOI rises from $96,839 to $131,795 at market rents, from a 5.38% to a 7.32% cap rate at the $1,800,000 list price.

  3. 03

    Income Beyond the Units. The detached garage on the rear alley is leased as studio space at $1,300 a month, $15,600 a year.

  4. 04

    Easy Pathway to an ADU. The detached garage already has a permitted half bath (2018) and lighting, lowering the cost of an ADU conversion.

  5. 05

    A Private, Landscaped Setting. Gated street frontage and a landscaped courtyard patio, with four unit electric meters and a house meter.

  6. 06

    Walk Score 92. One block south of Wilshire, 0.15 miles from Erewhon and 0.60 miles from the Metro E Line at Bergamot.

Location

Location Overview

2710 Arizona Ave, Santa Monica, CA 90404

2710 Arizona Ave sits near 27th Street, one block south of Wilshire Boulevard in Mid-City Santa Monica, within a short walk of everyday groceries, parks and schools. Erewhon is 0.15 miles north, Bristol Farms 0.34 miles north and Trader Joe's 0.38 miles southwest, with Douglas Park 0.29 miles west and McKinley Elementary School 0.28 miles southwest. Buses run 0.12 miles away on Santa Monica Blvd and 0.16 miles away on Wilshire Blvd, and the Metro E Line's 26th Street/Bergamot station is 0.60 miles southeast.

Listing Team

Exclusively listed by the LAAA Team.

For offering materials, financials, or offer guidance, reach out directly.

Next Step

Ready to dig into the financials?

Sign the Confidentiality Agreement to access the full Offering Memorandum for 2710 Arizona Ave, Santa Monica, CA 90404.

LA Apartment Advisors

The LAAA Team

Marcus & Millichap

All property showings are by appointment only.

This information has been secured from sources believed to be reliable, but no representations or warranties, expressed or implied, are made as to the accuracy of the information. References to square footage, age, or income are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. All property showings are by appointment only.

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