"4 Units Plus Plans for ADU addition Santa Monica Goldmine: Multi-Unit Investment Ready for Success!"

Description

Sale Price: $2,700,000
2007-2005 21st Street, Santa Monica Ca 90404

About this Home:
This home is currently off-market and ready for a new owner! Fantastic Investment opportunity for an investor or an owner/occupier. Positioned on a tree-lined block just North of Pico, this large Santa Monica 4-unit property features a front, detached 2+1.5 bungalow and a rear triplex (built in 1963) with three 2+1 apartments. All units are roughly 1,100 sq ft with a spacious floor plan. Perfect rental for SMC Students and has great TIC conversion possibility with huge upside potential. Minutes away from Santa Monica College, Expo line, Whole Foods Market, Virginia Ave Park, and many other shops and services.

Property Details:

Address: 2007 21st Street, Santa Monica, CA 90404
Contact the Disposition Manager for show requests
Must provide proof of funds or financing
Do not disturb tenants
Buyer to use cash, private money, or hard money for purchase
No option for creative financing
Buyer to pay all escrow and title fees for both buyer and seller
Contract is assignable
Earnest money deposit: $50,000 non refundable in 48 hours of opening escrow
Property Characteristics:

8 beds / 4 baths
Building SQFT: 4631
Zoning: SMR2
Year Built: 1947
Lot Size: 7253
OF UNITS: 4
ADU PLANS APPROVED FOR THE CAR PORT TO BE CONVERTED.
5 total parking spaces
Rental Income Analysis:
Front House:

2 bed / 1 bath
SQFT: Approximately 1,100
Plans to convert to 2/2 with a den (3rd bedroom)
Average monthly rental income: $3,000-$4,500 (depending on furnishing and conditions)
Rent Ratio: $3-$5 price per sqft
Average Market Rent in Pico: $3,732 monthly
Front house needs renovation and is ready for remodeling
Triplex in the Back:

Unit 1: 2 bed / 1 bath
Unit 2: 2 bed / 1 bath
Unit 3: 2 bed / 1 bath
Each unit is about 1,100 SQFT
One unit is tenant-occupied at $1,000 per month
ADU is scheduled to be approximately 585 SQFT and ready to be built
Average monthly rent per unit: $3,000-$4,000
Rent Ratio: $3-$5 price per sqft
Average rent for ADU: $2,500-$3,000
Tenant paying $1,000 per month in one of the units (open to cash for keys)

ADU Plans
https://s3.us-east-2.amazonaws.com/sendlift/property-documents/9021_Pages%20from%2022BLD-4414-PLAN.pdf%20V1.pdf