1047 Ocean Park Blvd, Santa Monica, CA 90405 | For Sale

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For Sale $2,850,000 ($538.14 per Sq Ft)

$2,850,000 ($538.14 per Sq Ft)
  • (0)
  • 7 Units
  • 5,296 Sq Ft
  • 6,619 Sq Ft
  • Unknown Cap Rate

Description

** SELLER FINANCING of $1,700,000 at a 4.52% Rate Available through 2032 (7 full years at 60% LTV)** 1047 Ocean Park Blvd is a 5,296-square-foot, seven-unit apartment building situated on a 6,617-square-foot corner lot, just east of Lincoln Blvd and less than a mile from the ocean. The property features a mix of five 2- bedroom/1-bathroom units, including one townhouse, and two large studio units. It also provides a total of ten parking spaces, offering convenience and accessibility for tenants.The property has undergone significant upgrades in recent years. Select units have been updated with maple and laminate flooring, and the building was retrofitted within the last two years. Foundational work was completed in 2023, while a new concrete driveway was paved in November 2022. This property offers strong rental upside with a pro-forma cap rate of 6.51% and a pro-forma GRM of 10.97. Its prime Santa Monica location combined with its recent improvements and competitive financing options, this property is a great investment opportunity with room for growth.

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Amenities

Garage
Pool
Garden
Security System
Internet
Telephone
Heating
Fireplace
Balcony & Patio
TV / Cable
Laundry
Hardwood Floors
Spa
Air Conditioning
Solar Power
Floor Plan
Great Views
Natural Light
Quiet
Water View
Elevator
Guest Unit(s)
Furnished
220 Volt

Income

Rental Units


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Expenses

Property Details

List Price $2,850,000
Property Type Multi-Family
Usable Sqft 5,296
Number of Stories 0 stories
Parking Spots 0 spots
Year Built 1947
Last Sold Unknown
Sold Price Unknown
APN # 4284009001
MLS # 25489977
Property ID 321224734
Lot Sqft 6,619
Zoning SMR3*
Total Units 7
Days on Market 10
Original List Price $2,850,000
Date Updated February 05, 2025
Date Created January 28, 2025
Unit # Beds Baths Current Rent Proforma Rent
Unit #1 2 1.00 $907 $3,450
Unit #2 2 1.00 $2,359 $3,450
Unit #3 2 1.00 $2,800 $3,450
Unit #4 2 1.00 $2,995 $3,450
Unit #5 0 1.00 $2,022 $2,150
Unit #6 0 1.00 $1,864 $2,150
Unit #7 2 1.00 $3,073 $3,550
Gross Income (Yr) $ 186,452
Operating Expenses $ 63,159
Net Income (Yr) $ 123,293
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Listing Provided By

David Messiah an agent of Lyon Stahl Investment Real Estate, Inc.. Lic #02117893


© 2025 CARETS and TheMLS. All rights reserved. Based on information from CARETS as of February 05, 2025 The information being provided by CARETS is for the visitor's personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CARETS, CLAW, CRISNet MLS, i-Tech MLS, PSRMLS and/or VCRDS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Any property information referenced on this website comes from the Internet Data Exchange (IDX) program of CRISNet MLS and/or CARETS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.



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