Property Description

1047 Ocean Park Blvd is a 5,296-square-foot, seven-unit apartment building located in the Ocean Park Submarket in the City of Santa Monica. Situated on a 6,617-sf corner lot, the property contains a highly desirable unit mix of (five) 2-bedroom/1-bathroom units and (two) studio units, while (one) 2-bedroom/1-bathroom unit is a spacious townhome. The property was retrofitted within the last two years; foundational work was completed in 2023, and a new concrete driveway was installed in November 2022. Furthermore, there are a total of eight parking spaces. 1047 Ocean Park Blvd provides an investor with the opportunity to own a trophy asset in a desirable pocket of Santa Monica! The asset has a value-add component with approximately 42% in rental upside and a 6.50% pro-forma cap rate and 11.07 pro-forma GRM!