New Listing – 6 Units in Santa Monica Blocks from Beach
Brett Lyon and Woody Stahl of Lyon | Stahl Investment Real Estate are pleased to present 305 Strand St, a 6-unit apartment building in Santa Monica!
Listed at $3,850,000 this building was built in 1959, has a cap rate of 2.95% and a pro forma NOI of $214,910.
This 5,742 SF building was built in 1959 and is situated on a 4,893 SF lot. Previously a 7-unit building that was converted to six (6) units, this property boasts a unit mix of one (1) massive 3-bed/4-bath owner’s unit, two (2) 2-bed/1.5-baths, and three (3) 1-bed/1-bath units. One of the 2-bath units and both singles have been fully renovated with granite/wood floors, new appliances, windows, and bathrooms.
The 3-bed/4- bath is a huge 3-story owner’s unit, that could easily be converted back into two units, and features an elevator, 40 x 40 private deck with ocean view, solar panels, and heated floors. This beautifully landscaped property also contains twelve (12) parking spaces (6 garages), as well as plenty of street parking.
This unbeatable location — blocks from the beach, Santa Monica Pier, and 3rd St. Promenade — coupled with the significant upside in market rent potential, make this a great turn-key investment opportunity!
• 5,742 SF building situated on 4,893 SF of land
• Previously a 7-unit building converted to (6) units
• Unit mix of (1) 3-bed/4-bath, (2) 2-bed/1.5 baths, & (3) 1-bed/1-bath
• 3-bed/4-bath is a massive owner’s unit | 3-stories w/ elevator, 40 x 40 ocean view deck, solar panels, & heated floors
• (3) of the other units have been remodeled | New granite & wood floors, appliances, bathrooms, & windows
• 12 parking spaces (6 garages)
• Amazing location blocks from the beach and restaurants/retailers w/ incredible ocean views
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.
Santa Monica students have a variety of schools (34 public schools and 12 private schools) along with Santa Monica College, which boasts the highest number of transfers to University of California colleges. Palisades Charter High School ranks #9 of 334 best charter high schools in California and Santa Monica High School ranks #54 of 1,261 best college preparatory public high schools in California. The Santa Monica-Malibu Unified School District also maintains eight elementary and three middle schools.
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