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EXCLUSIVE LISTING | Santa Monica | R2 Zoned Fourplex

Purchase Price: $1,995,000
Property Address: 920 Marine St. Santa Monica, CA 90405

  • Units:
  • Zoning Type:
  • Lot Size (Sqft):

4

SMR2

5,680

  • Year Built:
  • Price Per Unit:
  • Price Per Sqft:

1967

$498,750

$507.63


Investment Highlights


  • Excellent unit mix
  • Add value potential
  • Rental upside potential

  • No earthquake retrofit required
  • Short distance to the beach
  • Prime Santa Monica market

Attachments

Download Marketing Package (PDF):

Building Description

This property can be sold as part of a portfolio sale including 1 other fourplex located at 1301 S. Saltair Ave. Los Angeles, CA 90025.

 

Property Description: 920 Marine Street apartment complex is comprised of 4 garden-style apartment units in one two-story building. The building construction is of wood frame with a flat roof and painted stucco exterior.  Development was completed in 1967 with a total of 3,930 building square feet on a 5,680 square foot lot. Current zoning is SMR2.

 

The apartment units are very spacious and consist of 2 three-bedroom/two-bath units and 2 two-bedroom/one-bath units. Some of the units have been remodeled with hardwood floors, modern kitchens, and bathrooms. The upstairs units have exposed beams and balconies. The units are large and resemble more of a condominium unit rather than a typical apartment unit. Common area amenities include a driveway on both sides of the property and a back-courtyard patio with storage space for bicycles. 

 

Aesthetically, the property grounds and building are well maintained and have add-value potential. The landscaping is minimal but well-manicured. 

 

Location: 920 Marine Street is in the desirable city of Santa Monica, east of Lincoln Boulevard and south of Ocean Park Boulevard and approximately a mile east of the Beach. The 900 block of Marine Street is a low traffic quiet residential tree lined street. The immediate vicinity consists of well-maintained apartment buildings and single-family homes.

 

Santa Monica and nearby Venice are very affluent neighborhoods. These prime locations have created a hub for business and entertainment to thrive in. The property is approximately a mile east of the Beach and less than 5 miles south of the 10 Santa Monica Freeway. With easy access to the beach and Lincoln Boulevard, this pocket has been rated a high walk score of 84 and a bike score of 93.

 

Lincoln Boulevard is lined with entertainment including shops, restaurants, and coffee shops. North of the property is a short drive to the Santa Monica Pier and 3rd Street promenade. Santa Monica has always attracted savvy apartment investors due to its affluent location and historically long-standing appreciating values and rental rates.