1047 OCEAN PARK BOULEVARD, SANTA MONICA CA 90405
- 5,296 sq.ft.
- 6,619 sq.ft. lot
Property Description
** SELLER FINANCING of $1,700,000 at a 4.52% Rate Available through 2032 (7 full years at 60% LTV)** 1047 Ocean Park Blvd is a 5,296-square-foot, seven-unit apartment building situated on a 6,617-square-foot corner lot, just east of Lincoln Blvd and less than a mile from the ocean. The property features a mix of five 2- bedroom/1-bathroom units, including one townhouse, and two large studio units. It also provides a total of ten parking spaces, offering convenience and accessibility for tenants.The property has undergone significant upgrades in recent years. Select units have been updated with maple and laminate flooring, and the building was retrofitted within the last two years. Foundational work was completed in 2023, while a new concrete driveway was paved in November 2022. This property offers strong rental upside with a pro-forma cap rate of 6.72% and a pro-forma GRM of 10.68. Its prime Santa Monica location combined with its recent improvements and competitive financing options, this property is a great investment opportunity with room for growth.
Listing Courtesy of David Messiah, Lyon Stahl Investment Real Estate, Inc.
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