Skip To Content
    Return to Previous Page

    2683 34Th St

    Santa Monica, CA 90405
    • $4,450,000
    • STATUS: Pending
    • ON SITE: 23 days
    • ID#: 20-626408
    Pending
    UPDATED: 64 min ago
    $4,450,000
    • 6
      BEDS
    • 0.2
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 6,208
      SQFT
    • $717
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1959
    County:
    Area:

    Description

    Marcus & Millichap is pleased to present these 12 units located at 2683 34th Street, in Santa Monica, California. Built in 1959, the asset sits on 8,874 square feet of land with 6,208 square feet of rentable area and consists of (6) Studio / 1-Bath Units and (6) 1-Bed / 1-Bath Units. This value add opportunity allows an investor to capitalize on over 28% rental upside potential, while still getting in at a great day-1 CAP rate of 4.38%. Another excellent opportunity to add value would be to build ADUs on this lot. With the new, relaxed ADU laws passed last year, adding ADUs to this building would be quicker and easier than ever before. Both the garages in the front and in the back of the lot present the ideal location for the ADUs to be cheaply built on top of the garages.The property boasts a very good amount of parking for the tenants, and this parking also brings in $14,400 of extra income each year. In total, there are 10 garage parking spaces for these 12 units.

    Monthly Payment Calculator



    Based on information from the Combined LA/Westside Multiple Listing Service as of 2020-09-24T22:42:43.767. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
    www.randyplaice.com/homes/109558994
    Print Image

    2683 34Th St Santa Monica, CA 90405

    • Price: $4,450,000
    • Status: Pending
    • Updated: 64 min ago
    • ID#: 20-626408
    6
    Beds
    0
    Baths
    0
    ½ Baths
    0.2
    Acres
    6,208
    SQFT
    $717
    $/SQFT
    1959
    Built
    Neighborhood:
    Santa Monica
    County:
    Los Angeles
    Area:
    Santa Monica
    School District:
    Santa Monica-Malibu Unified School District
    Property Description
    Marcus & Millichap is pleased to present these 12 units located at 2683 34th Street, in Santa Monica, California. Built in 1959, the asset sits on 8,874 square feet of land with 6,208 square feet of rentable area and consists of (6) Studio / 1-Bath Units and (6) 1-Bed / 1-Bath Units. This value add opportunity allows an investor to capitalize on over 28% rental upside potential, while still getting in at a great day-1 CAP rate of 4.38%. Another excellent opportunity to add value would be to build ADUs on this lot. With the new, relaxed ADU laws passed last year, adding ADUs to this building would be quicker and easier than ever before. Both the garages in the front and in the back of the lot present the ideal location for the ADUs to be cheaply built on top of the garages.The property boasts a very good amount of parking for the tenants, and this parking also brings in $14,400 of extra income each year. In total, there are 10 garage parking spaces for these 12 units.
    Exterior Features

    Cross Streets Ocean Park Blvd. And 34th Street Direction Faces West Lot Description 5 + Lots Lot Size Area 8875 Other Structures None Parking Garage AssignedCovered ParkingCarport Detached Pool Description None Pool YN No Total Parking 10

    Interior Features

    Baths Total 12.00 Cooking Appliances Oven-Gas Cooling Air Conditioning Equipment DishwasherAlarm SystemMicrowaveCableWasherPortable Dishwasher Flooring MixedLaminateCarpetCeramic Tile Heating Central Kitchen Features Counter Top Laundry CommunityLaundry Area Laundry Equipment Own Water Heater Features Gas

    Property Features

    Alley YN No Assessed Total Value 2166587 Gross Income 283644 Gross Operating Income 283644 Like Units1 6 Like Units2 6 Monthly Gross Income 24937.00 Net Operating Income 203031.00 Number Of Buildings 1 Number Of Units 12 Owner Pays WaterGardener Rent Control YN Yes Sale Type Standard Source Living Area Vendor Enhanced Source Lot Size Area Vendor Enhanced Source Lot Size Dimensions Other Tenant Pays GasElectricity Total Annual Expense 87703 Type Of Units Apartments Year Built Source Vendor Enhanced Zoning Smc2*

    Listing provided courtesy of Filip Niculete DRE#01905352 of Marcus & Millichap.


    Based on information from the Combined LA/Westside Multiple Listing Service as of 2020-09-24T22:42:43.767. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
     
    https://bt-photos.global.ssl.fastly.net/carets/orig_boomver_1_20-626408-2.jpg https://bt-photos.global.ssl.fastly.net/carets/orig_boomver_1_20-626408-2.jpg https://bt-photos.global.ssl.fastly.net/carets/orig_boomver_1_20-626408-2.jpg
    Logo
    Randy Plaice and Associates | RE/MAX
    27720 Dickason Drive
    Valencia CA, 91355