1824 Michigan Avenue

    Santa Monica, CA 90404
    • $3,000,000
    • STATUS: Active
    • ON SITE: 73 days
    • ID#: 19496782
    UPDATED: 15 min ago
    $3,000,000
    • 0
      BEDS
    • 0.37
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 5,160
      SQFT
    • $581
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1922
    County:

    School Ratings & Info

    Description

    Prime corner, street-to-alley 16,000+ sq ft lot amazing asset in the City of Santa Monica. Steps to Metro Expo Line. Identified as being in The Michigan Avenue Neighborhood Greenway. Property has an actual income stream for Investor or Owner/Occupied purchaser - with possible potential for development. Improved with 6-unit, garden style apartment building plus a stand-alone 3 bedroom single family home. Rare opportunity to acquire this huge, corner 16,000+ sq ft lot. UNIT MIX: 1 Studio. 1 One Bedroom + 1 Bath (VACANT / 'Unit 3' Above), 4 Two Bedroom + 1 Bath and 1 Single Family Three Bedroom + Two and a Half Bath Home. The 6-unit apartment building is primarily long term tenants, one of whom is Section 8 ('Unit 6' Above) administered by the City of Santa Monica. The (VACANT) Unit is Rent Ready. Rent Roll is as of 09/01/2019. Do not walk on Property. Do not disturb tenants. Drive by only. Inside with Accepted Offer only. Rent above for 'Unit 2' is Projected.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-10-19T21:34:50.66. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Naylor Properties | RE/MAX Estate Properties. Licensed in the State of California, USA.
    www.naylorproperties.com/homes/97626431

    1824 Michigan Avenue Santa Monica, CA 90404

    • Price: $3,000,000
    • Status: Active
    • Updated: 15 min ago
    • ID#: 19496782
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.37
    Acres
    5,160
    SQFT
    $581
    $/SQFT
    1922
    Built
    Neighborhood:
    C14 - Santa Monica
    County:
    Los Angeles
    Area:
    C14 - Santa Monica
    Property Description
    Prime corner, street-to-alley 16,000+ sq ft lot amazing asset in the City of Santa Monica. Steps to Metro Expo Line. Identified as being in The Michigan Avenue Neighborhood Greenway. Property has an actual income stream for Investor or Owner/Occupied purchaser - with possible potential for development. Improved with 6-unit, garden style apartment building plus a stand-alone 3 bedroom single family home. Rare opportunity to acquire this huge, corner 16,000+ sq ft lot. UNIT MIX: 1 Studio. 1 One Bedroom + 1 Bath (VACANT / 'Unit 3' Above), 4 Two Bedroom + 1 Bath and 1 Single Family Three Bedroom + Two and a Half Bath Home. The 6-unit apartment building is primarily long term tenants, one of whom is Section 8 ('Unit 6' Above) administered by the City of Santa Monica. The (VACANT) Unit is Rent Ready. Rent Roll is as of 09/01/2019. Do not walk on Property. Do not disturb tenants. Drive by only. Inside with Accepted Offer only. Rent above for 'Unit 2' is Projected.
    Exterior Features

    Garage Spaces 2.00 Lot Features Corner Lot Lot Size Source Assessor Lot Size Units Square Feet Parking Features Other Parking Total 2.00 Parking YN Yes

    Interior Features

    Appliances Refrigerator Appliances YN Yes Cooling None Cooling YN No Laundry Features See Remarks

    Property Features

    Cap Rate 4.60 Gross Multiplier 17.26 Gross Operating Income 172082.00 Improvements Amount 556107 Land Lease YN No Land Value 995433 Laundry YN Yes Net Operating Income 137665.00 Special Listing Conditions Standard Tenant Pays ElectricityGasTrash CollectionWater Total Expenses 34416.00 Zoning Smr2*

    Listing provided courtesy of Steven Foonberg of Westside Realty Group - Beverl


    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-10-19T21:34:50.66. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Naylor Properties | RE/MAX Estate Properties. Licensed in the State of California, USA.
     
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