2450 Oak St, Santa Monica, CA 90405

2450 Oak St, Santa Monica, CA 90405

Santa Monica, CA

Property Description

Lyon Stahl Investment Real Estate is pleased to present 2450 Oak Street, a beautiful 6-unit apartment building located in Santa Monica’s desirable Sunset Park neighborhood. The property was originally constructed in 1948 by prolific SM designer, Cecil Gale, featuring original Tiffany stained-glass windows, and has since been well-kept and some units remodeled. The property features various upgrades to some of the units including all new windows, copper plumbing, in-unit laundry, steel appliances, granite countertops, chef’s kitchen, ceiling fans, stackable W/D, and a new roof on both buildings with a rubberized layer installed in 2015-2016. 4 of the 6 units have huge private gated patios, and the front house “owner’s unit” has a private gated patio with a fire pit. There are 5 private garages on-site, all with remote access, that are currently rented to off-site tenants, providing additional income. There is also an option for an interest-only seller carry with only $850k down. With strong in place rents and ~30% upside, this is a perfect exchange property or owner-user in the highly sought-after, quiet, and very walkable residential neighborhood of Sunset Park, with easy access to Lincoln Blvd and the 10 FWY.

Property Features

  • Sale Price: $2,995,000
  • Area Size: 3,569 SF
  • Land Area: 7,010 SF
  • Year Built: 1948
  • Listing Date: 12/07/2021
  • Units: 6
  • Current GRM: 17.63
  • Current Cap Rate: 3.87%
  • Price Per Unit: $499,167
  • Market GRM: 13.68
  • Market Cap Rate: 5.46%
  • Current NOI: $115,806

Lyon Stahl Investment Real Estate

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