2615 2nd Street

Santa Monica, CA 90405

$3,800,000
Price
3
Beds
8
Baths
4,696 Sq. Ft.
$809 / Sq. Ft.
4,696
Sq. Ft.
$809
per Sq. Ft.

Description

Priced at high 4.47% CAP Rate for this location, 2615 S 2nd St, a prime apartment complex boasting 7 units situated just 2 blocks from the water. The property is in the Ocean Park area, just a block from Main Street. Only 2 blocks from the beach, this property has an almost perfect walk score of 98 and bike score of 86. It is located in an excellent demographics area of ±$131,779 average household income within a mile radius. The property has been upgraded extensively and its soft-story parking has...Priced at high 4.47% CAP Rate for this location, 2615 S 2nd St, a prime apartment complex boasting 7 units situated just 2 blocks from the water. The property is in the Ocean Park area, just a block from Main Street. Only 2 blocks from the beach, this property has an almost perfect walk score of 98 and bike score of 86. It is located in an excellent demographics area of ±$131,779 average household income within a mile radius. The property has been upgraded extensively and its soft-story parking has been seismically retrofitted. It has copper plumbing throughout, updated sewer line, updated electrical, and double pane windows throughout. In addition, the property has security camera systems installed. Almost turnkey condition where major systems have been upgraded and 6 out 7 units have been completely upgraded. The property is an attractive 2-story modern, mid-century apartment that was built in 1962. It offers an excellent curb appeal and has a total of ±4,696 square feet building size; it is situated on a ±6,487 square feet lot. The property offers six (6) 1bedroom+1bathroom and one (1) large 2bedroom+2bathroom units. All units (except #1) have been completely upgraded with modern upgrades which include recessed lighting, new flooring throughout, in-unit washer/dryer, new kitchen with quartz countertops + new kitchen cabinets + dishwasher, new bathroom with new vanity cabinets, and mirrored closet doors. The 2 bedroom unit is large and bright with desirable layout and has been fully upgraded. There are 7 assigned parking spaces (5 carports + 2 open). The parking soft-story area has been seismically retrofitted according to code. Each unit is separately metered for electricity and gas. Located in the southwest corner of Santa Monica is the Ocean Park neighborhood. The Ocean Park neighborhood is unique in the sense that it has one of the highest proportions of one, two, or no (studio) bedroom real estate of any neighborhood in America. This means it has a higher proportion of its residents employed as executives, managers and professionals – in comparison to the 98.4% of the neighborhoods in America. Many Santa Monica residents come to shop/browse on Main Street, home of many boutiques, restaurants, as well as a local farmer’s market every Sunday. SMASH (an alternative school), Olympic High and John Muir elementary are schools located in the neighborhood.
  1. Listed by Han Chen • DRE #01749321 • Brokerage DRE #02201380 • Growth Investment Group Pasade • 626-224-2495

Property Details for 2615 2nd Street

Architectural Style
Mid Century Modern
Parking Spaces Total
7
Private Pool
No
Cooling Type
Wall/Window
Total Units
7.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
4696

Location

Listing Courtesy of Growth Investment Group Pasade, Han Chen, DRE #01749321
Add your commute
LISTING UPDATED: 04/17/2024 10:44 AM

Property Details for 2615 2nd Street

StatusPending
MLS #AR23176881
Days on Market209
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1962
CountyLos Angeles County

Location

Listing Courtesy of Growth Investment Group Pasade, Han Chen, DRE #01749321
Add your commute

Building Information for 2615 2nd Street

Building/Complex2615 2nd StFloor-Stories2Residences-Pet Policy-Year Built1962Building Size-

Payment Calculator

$25,394 per month

30 year fixed, 7.25% Interest

Principal and Interest

$20,738

Property Taxes

$4,656

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 2615 2nd Street

Rental Info
Rental Info
  • Tenant Pays: Electricity, Gas
Income / Expense / Tax Details
Income Details
  • Gross Income: $237,378
  • Gross Scheduled Income: $237,378
  • Vacancy Allowance Rate: 3
  • Gross Operating Income: $230,257
  • Net Operating Income: $160,077
  • Gross Multiplier: 16.43
  • Cap Rate: 4.11
  • Current Financing: None
Expense Details
  • Operating Expense: $70,180
  • Operating Expense Percent: 30.00%
  • New Taxes Expense: $44,114
  • Gardener Expense: $2,826
  • Fuel Expense: $1,948
  • Licenses Expense: $1,596
  • Electric Expense: $1,064
  • Insurance Expense: $3,417
  • Maintenance Expense: $3,500
  • Professional Management Expense: $0
  • Trash Expense: $2,579
  • Water Sewer Expense: $3,646
  • Supplies Expense: $2,976
  • Total Expenses: $70,180
Tax / Assessment Info
  • Tax Block: N
  • Tax Tract Number: 0
  • Tax Census Tract: 7021.02
  • CFD/Mello-Roos Fee: $0
  • Tax Lot: 11
Community / Development
Community / Development
  • Assessments YN: Yes
  • Assessments: Buyer to Verify
  • Community Features: Urban
Property / Structure Info
Interior Features
  • Appliances: Dishwasher, Gas Range
  • Equipment: Dishwasher, Dryer, Dryer Included, Inside, None, Washer, Washer Included
  • Laundry Features: None, Dryer Included, Inside, Washer Included
  • Laundry Equipment Own Lease: Own
  • Fireplace Features: None
  • Fireplace Rooms: None
  • Cooling: Wall/Window Unit(s)
  • Heating Type: Wall
  • Heating: Wall Furnace
  • Flooring: Carpet, Vinyl, Wood
Exterior Features
  • Security Features: Carbon Monoxide Detector(s), Security Lights, Security System, Smoke Detector(s)
  • Roof: Flat
  • Entry Location: 1
  • Property Condition: Updated/Remodeled
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
  • Spa Features: None
Land/Lot Info
  • Lot Features: Level with Street, Rectangular Lot, Level, Near Public Transit
  • Direction Faces: Southwest
  • Number Of Units: 7
  • Land Lease: No
  • Land Lease Type: Fee
  • Topography: Level
  • Levels: Two
  • Water: Public
  • Sewer: Public Sewer
  • Utilities: Cable Connected, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
  • Electric: Standard
  • Water Source: Public
Parking Info
  • Garage Spaces: 0
  • Parking: Yes
  • Parking Garage: Assigned, Carport
  • Uncovered Spaces: 2
  • Open Other Spaces Total: 2
  • Parking Garage Spaces: 0
  • Carport Spaces: 5
  • Parking Features: Assigned, Carport
Unit Information
Unit 1
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 2
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 1
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $4,177
  • Unit Type Total Rent: $4,177
  • Unit Type Pro Forma: 5000
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 6
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 6
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $2,689
  • Unit Type Total Rent: $16,132
  • Unit Type Pro Forma: 22200
  • Unit Type Type: 2
Unit Information
  • Number Of Units Leased: 7
  • Rent Controlled: Yes
  • Number Of Buildings: 1
  • Number Of Separate Electric Meters: 8
  • Number Of Separate Gas Meters: 8
  • Number Of Separate Water Meters: 1
  • Number With Dishwasher: 6
  • Number With Range: 7
  • Number With Refrigerator: 7
  • Number With Disposal: 7
  • Number Wall AC: 7

Property History for 2615 2nd Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 2615 2nd Street

Taxable ValueLand$4,127,418Additions$559,629Total$4,687,047
Tax Record2023$55,877 ($4,656 / month)
Home Facts
Total Finished SqFt4,696 SqFtAbove Grade Finished SqFt4,696 SqFtLot Size6,488 SqFtStyleMulti-Family Res (5+ Units)Year Built1962ZoningSMOP2*CountyLOS ANGELESAPN4287-010-033

Schools near 2615 2nd Street

This home is within Santa Monica-Malibu Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Public - K to 8
Rating
School
Distance
John Muir Elementary School
PublicK to 5

John Adams Middle School
Public6 to 8

Santa Monica High School
Public9 to 12

Santa Monica Alternative (K-8) School
PublicK to 8

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Growth Investment Group Pasade, Han Chen, DRE #01749321

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided 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 CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.