Sold – 5-Unit Building in Santa Monica | $1,800,000
Corey Rasmussen and Nico Rosmarin of Lyon | Stahl are pleased to have closed 2601 Arizona Ave, a value-add multifamily property in Santa Monica!
This property sold for $1,800,000
Corey Rasmussen and Nico Rosmarin of Lyon Stahl Investment Real Estate are pleased to present 2601 Arizona Avenue, an outstanding value-add multifamily investment opportunity in the Northern Santa Monica. The property is located north of Santa Monica Boulevard, on a beautiful tree-lined street. The location is ideally situated just minutes from Brentwood, Bergamot Station and provides easy access to the 10 and 405 Freeways.
2601 Arizona Avenue is a 3,308 SF 5-unit apartment building on a 6,452 SF street-to-alley corner lot. The building is comprised of two (2) one-bedroom/one-bathroom units, one (1) one-bedroom/one-bathroom detached bungalow and two (2) studio units. There are a total of four (4) garage spaces – two (2) single car garages and one (1) two-car garage, as well as an abundance of permitted street parking. Currently, three of the one-bedroom/one-bathroom units are vacant, and there may be an opportunity to relocate the tenants in the two studios. The vacant units open an immediate opportunity to renovate them and bring their rents up to market rates. The lot is zoned SMR2 providing the potential to build four (4) new units/condos by-right, to maximize the full potential of the lot. If you are looking for an owner-user, this property provides a multitude of options.
2601 Arizona Avenue presents an exciting opportunity to renovate a property with great bones and turn it into a well producing multifamily investment in a prime neighborhood of Northern Santa Monica.
City Overview:Santa Monica is a beachfront suburb on the Westside of Los Angeles County situated on the Santa Monica Bay and bordered by Pacific Palisades, Brentwood, Venice and the Pacific Ocean with a population of 92,306. The Santa Monica Pier was built in 1909 and attracts thousands of tourists a day.
Santa Monica enjoys an average of 310 days of sunshine a year. Santa Monica real estate values have gone up 2.2% over the past year and the median price of homes listed in Santa Monica is $1,562,500.