2626 Cloverfield Blvd

Santa Monica, CA, 90405

$4,995,000

$718 per ft²
$4,995,000
$718 per ft²
Active
Active
 - For Sale
beds
11 Beds
baths
14 Baths
carpenters-square
6,948 ft²
property_type
Multi-family
calendar
Built 1966
10 Unit building with 6 vacancies and preliminary plans for 4 ADUs in Prime Santa Monica priced at only 388k/door for mostly vacant units. Incredible current 5% Cap Rate and 14.6 GRM after renovations with upside to 6.4% Cap Rate and 12.1 GRM on the proforma. There are Preliminary plans to add 4 ADUs including 2 Attached Studio units in the Garages + 2 detached one-bed units in the back parking area. The building is within walking distance to Clover Park and many businesses and restaurants along Ocean Park Blvd. This is a true value-add opportunity in Santa Monica and a perfect 1031 exchange opportunity. Santa Monica has become a new hub for many tech companies as they are extending their offices in Santa Monica. In recent years, the area has transformed into a headquarters hub, home to some of the most recognized companies in the world including Beach Body, Lionsgate, Tastemade, and ZipRecruiter, The Honest Company, among many others. Santa Monica has become one of LA's hottest and most expensive neighborhoods bursting with restaurants, art galleries, shopping, and tech/entertainment/media headquarters. Price/Unit, Cap Rate, & GRM are based on Total Price for sake of conservatism, which includes construction costs of ADUs.
MLS® ID:
22-186863
Listed:
8/4/22
Updated:
8/10/22

Interior Features

Total Bedrooms
11
Total Bathrooms
14
Fireplace
None
Cooling
Ceiling Fan
Heating
Wall

Exterior/Building Features

Lot Size
6,046 ft² lot
Exterior Features
Stucco
Architectural Style
Traditional
Lot Details
Alley Paved
Sewer
In Street

Other Property Details

Garage
No
Parking
Uncovered
Parking Total
9.0
View
N
County
Los Angeles
Water Source
District
Pool
No
Total Stories
2
Zoning
SMR3*

 

Courtesy of Julio Ruiz, Global Platinum Properties, Inc.

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Data last updated 8/10/22

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