305 Strand St, Santa Monica, CA 90405

305 Strand St, Santa Monica, CA 90405

Santa Monica, CA

Property Description

Lyon | Stahl is proud to present 305 Strand St, a 6-unit apartment building located in Santa Monica, CA. 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!

<strong>Investment Highlights:</strong>

• 5,742 SF building situated on 4,893 SF of land <strong>
•</strong> Previously a 7-unit building converted to (6) units <strong>
• </strong>Unit mix of (1) 3-bed/4-bath, (2) 2-bed/1.5 baths, &amp; (3) 1-bed/1-bath<strong>
• </strong>3-bed/4-bath is a massive owner’s unit | 3-stories w/ elevator, 40 x 40 ocean view deck, solar panels, &amp; heated floors<strong>
• </strong>(3) of the other units have been remodeled | New granite &amp; wood floors, appliances, bathrooms, &amp; windows<strong>
• </strong>12 parking spaces (6 garages)<strong>
• </strong>Amazing location blocks from the beach and restaurants/retailers w/ incredible ocean views

Property Features

  • Sale Price: $3,475,000
  • Area Size: 5,742 SF
  • Land Area: 4,893 SF
  • Year Built: 1959
  • Closing Date: 3/27/19
  • Units: 6
  • Current GRM: 19.53
  • Current Cap Rate: 2.95%

Lyon Stahl Investment Real Estate

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