2823 2nd Street

2823 2nd Street

Santa Monica, CA 90405

$6,850,000
Price
12
Beds
12
Baths
—Sq. Ft.
— / Sq. Ft.
—
Sq. Ft.
—
per Sq. Ft.
an aerial view of multiple house
a view of city
front view of a building
a front view of a building
a bathroom with a tub a sink and a large window

Description

INCLUDES TO-BE-BUILT 3 PERMIT READY ADUs! CBRE, as exclusive agent, is pleased to present for sale an exceptionally located Santa Monica value-add opportunity comprised of 12 existing apartment units, together with approved and permit-ready plans to build three accessory dwellings units (ADUs), for a potential total of 15 apartment units, walking distance to the Pacific Ocean. Located at the northeast corner of 2nd Street and Ashland Avenue in Santa Monica's Main Street neighborhood, 2823 2nd Street...INCLUDES TO-BE-BUILT 3 PERMIT READY ADUs! CBRE, as exclusive agent, is pleased to present for sale an exceptionally located Santa Monica value-add opportunity comprised of 12 existing apartment units, together with approved and permit-ready plans to build three accessory dwellings units (ADUs), for a potential total of 15 apartment units, walking distance to the Pacific Ocean. Located at the northeast corner of 2nd Street and Ashland Avenue in Santa Monica's Main Street neighborhood, 2823 2nd Street includes an existing 12-unit apartment property, of which four units were recently gut renovated and completely modernized with copper plumbing, tankless water heaters, mini-split HVACs in the living rooms and bedrooms, and in-unit washer/dryers, among other upgrades. The Seller also made capital improvements to the property including a new electrical panel with individual meters, new landscaping, and new wrought iron fencing. Of the remaining eight unrenovated units, two will be delivered vacant at the close of escrow. As well, Seller obtained Architectural Review Board and Building Department approval to add a 450 square foot patio space for Unit G (a vacant second-story unit). The Seller also secured pre-approval to build another 450 square foot patio space for Unit H (the other second-story unit) in the future. Additionally, Seller procured entitlements to build three ADUs. Each of these ADUs would be one bedroom and one bathroom. The ADUs will replace an existing garage structure on Ashland Avenue, which was previously leased out as nine storage spaces. The storage spaces will be delivered vacant at the close of escrow and are not subject to any leases. A buyer may choose to either build out the three ADUs or may choose to lease out the nine storage spaces for additional income. Renovated Units Feature: Copper Plumbing, Tankless Water Heaters, Mini Split HVAC in Living Room & Bedroom, In-Unit Washer/Dryer, Recessed Lighting, New or Refinished Flooring Throughout, Beautiful White Cabinetry and Quartz Countertops in Kitchen & Bathroom, New Stainless Steel Appliances Including, Cooktop, Oven, Refrigerator, Dishwasher & Microwave, Renovated Bathrooms with Walk-In Showers, New Fixtures in Kitchens & Bathrooms, Low-Profile Ceiling Fans, New Windows & Blinds and New Electrical Subpanels with Upgraded Wiring Throughout. Non-renovated Units Feature: Separate Water Heaters, Hardwood Floors and Gas Stoves. Property Features Include: New Wrought Iron Fence Around Perimeter of Property, New Stamped Concrete Pavers in the Courtyard, New Electrical Panel with Individual Meters (400A), Newly Painted Exterior and New Landscaping. Offers Due: Friday, April 19, 2024 by 5 p.m.
  1. Listed by Laurie Lustig • DRE #00979360 • Brokerage DRE #00979360 • Laurie J. Lustig

Property Details for 2823 2nd Street

Zoning
SMOP2*
Cross Streets
2nd Street and Ashland Avenue
Parcel Number
4287023029
Total Units
12.0
Area
Santa Monica (C14)
Vacancy Rate
2
Lot Size Area
13067
Source Lot Size Area
Vendor Enhanced

Location

Listing Courtesy of Laurie J. Lustig, Laurie Lustig, DRE #00979360
Add your commute
LISTING UPDATED: 04/10/2024 02:32 PM

Property Details for 2823 2nd Street

StatusActive
MLS #24-371870
Days on Market69
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built-
Lot Size0.30 AC / 13,067 SF
CountyLos Angeles County

Location

Listing Courtesy of Laurie J. Lustig, Laurie Lustig, DRE #00979360
Add your commute

Building Information for 2823 2nd Street

Stories2Residences-Year Built-Building Size-Lot Size0.30 AC / 13,067 SF

Payment Calculator

$41,593 per month

30 year fixed, 7.25% Interest

Principal and Interest

$37,383

Property Taxes

$4,210

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 2823 2nd Street

Community / Development
Community / Development
  • Number Of Units: 12
  • Senior Community: No
Structure Info
Structure Info
  • Number Of Stories: 2
  • Number Of Buildings: 1
  • Type Of Units: Apartment
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $408,893
  • Net Operating Income: $292,654.00
  • Gross Income: $398,448
  • Cap Rate: 4.15%
  • Gross Rent Multiplier: $16.77
  • Vacancy Allow Percent: 3.00%
  • Total Annual Expense: 116239
Land / Lot Info
Land / Lot Info
  • Alternate Street Name: Ashland Ave
  • Lot Size Square Feet: 13067
Parking Details
Parking Details
  • Parking Garage: Permit/Decal, Garage Is Detached
  • Total Parking: 0
  • Parking Features: Permit Required
  • Attached Garage: No
Interior Features
Interior Features
  • Levels: One
  • Cooling Type: Other
  • Heating Type: Other
  • Equipment: Other
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: Other
Lease Terms
Lease Terms
  • Entry Date: 03-22-2024
Unit Details
Unit 1 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,797.00
  • Unit Actual Rent: $30,767.00
  • Unit Projected Rent: $40,601.00
  • Like Units: 11
Unit 2 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,440.00
  • Unit Actual Rent: $2,440.00
  • Unit Projected Rent: $4,250.00
  • Like Units: 1
Unit Details
  • Unit Type Type: 2106, 2107

Property History for 2823 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 2823 2nd Street

Taxable ValueLand$2,080,800Additions$2,080,800Total$4,161,600
Tax Record2023$50,514 ($4,210 / month)
Home Facts
Total Finished SqFt7,407 SqFtAbove Grade Finished SqFt7,407 SqFtLot Size13,063 SqFtStyleMulti-Family Res (5+ Units)Year Built1928ZoningSMOP2*CountyLOS ANGELESAPN4287-023-029

Schools near 2823 2nd Street

This home is within Santa Monica-Malibu Unified School District.
Rating
School
Type
Grades
Distance
John Muir Elementary School
Public - K to 5
John Adams Middle School
Public - 6 to 8
Santa Monica High School
Public - 9 to 12
Santa Monica Alternative (K-8) School
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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More information about 2823 2nd Street, Santa Monica, CA 90405

2823 2nd Street is a multi-family home for sale in Santa Monica, CA 90405. This property was listed for sale on February 23, 2024 by Laurie J. Lustig, it's currently listed at $6,850,000. It has been on the market for a total of 69 days and was last sold on July 6, 2020. This listing's school district is Santa Monica-Malibu Unified School District. Nearby schools include John Muir Elementary School, John Adams Middle School and Santa Monica High School. 2823 2nd Street is a 12-bed, 12-bath, multi-family home.

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 Laurie J. Lustig, Laurie Lustig, DRE #00979360

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.