Deal numbers

A cap rate estimate is not available for this property yet. Ask Alex for a pro forma using comparable rent data.

Property details

Bedrooms

5

Building size

3,412 sqft

Lot size

7,516 sqft

Year built

1947

Stories

2

Garage spaces

2

Style

Mid Century Modern

Heating

Wall Furnace

Cooling

Wall/Window Unit(s)

Pool

None

View

City Lights

Status

Active

Days on market

8

MLS #

244525849

About this property

The subject property is a five-unit residential income asset located at 2218 24th Street in the Sunset Park neighborhood of Santa Monica. Built in 1947 and zoned SMR1, the asset consists of a (1) 2-Bedroom/ 1.5-Bath + Office front house, (3) 1-Bedroom / 1-Bath units, and (1) Studio / 1-Bath unit, totaling 3,412 rentable square feet on a 7,514 SF lot. There are two garages. One two-car garage is facing the alley, while the other two-car garage is accessible from the courtyard and is currently used as storage. There are 5 total parking spaces on-site. The property is 100% occupied with substantial in-place rental upside, sitting just blocks from Whole Foods, Trader Joe's, the Bergamot Expo Line station, and Santa Monica College. Positioned just blocks from neighborhood shopping and restaurants, the property boasts a walk score of 88 (Walker's Paradise). There is a laundry room on-site with washer and dryer machines that are owned provided a great amenity and additional income. The property benefits from one of the Westside's most walkable submarkets, a quiet residential pocket with limited new supply, strong renter demand, and the long-term durability that defines Santa Monica multifamily.

Location

2218 24th Street

Santa Monica, Los Angeles, CA, 90405