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NEW – 30 Units In Santa Monica
25,000,000

For Sale
  • Summary
  • Location
  • Amenities

Offered for the first time on the market!

Realty Investment advisors is pleased to announce the opportunity to acquire 605 San Vicente Blvd, a 30-unit multifamily community located in sunny Santa Monica, one of the most sought-after multifamily rental markets in the country. The exceptional property sits on half an acre with exemplary units averaging 1,200 square feet including 56 parking spaces and 1 elevator.

 

605 San Vicente is located less than a mile walk from the iconic Santa Monica beach, home to the famed Pacific Park amusement park and Santa Monica pier. The property is desirably positioned just a 10-minute walk from Montana Avenue, known for its premier shopping boutiques, over 150 retail establishments, and its popular selection of eateries, juice bars and outdoor cafes.

Property comes with 10 vacant units, 5 of which are not renovated allowing new owner to immediately upgrade and capture market rents.

Five units have been remodeled to feature stainless steel appliances, quartz countertops, in-unit washer and dryer, mini-split HVAC systems , new cabinetry and finishes, and walk-in closets with built-in shelves.

Opportunity to achieve over 62% rental upside by continuing renovations to remaining units once vacated.

There is substantial value-add potential via the following approaches:

  • The property is an excellent candidate for value-add upgrades. Renovate units and Common areas. Community rec room can either be remodeled into various amenities, including a gym, business center, and/or community room, or converted into an ADU for additional income.
  • The opportunity to capture top-of-the-market rents and capitalize on the high demand for premium finishes in the market.
  • Provide community amenities.
  • Generate additional income. Neighborhood-serving storage can be rented for market rents.

Finally, 605 San Vicente is surrounded by world class jobs and major tech employers including Google, Snapchat, Twitter, Oracle, Hulu and more!

  • Partially Renovated Prime Santa Monica Value Add Opportunity

  • First Time Ever on the Market!!

  • 10 Units Delivered Vacant

  • Incredibly Spacious Units

  • Unique 1973 Construction

  • Just half a mile from the premier Montana Avenue shopping district
  • Less than a mile walk from the iconic Santa Monica beach and Pier
  • 5-minute walk to famed Santa Monica Stairs
  • In the heart of Silicon Beach with access to major tech employers including the likes of Google, Snapchat, Twitter, Oracle, Hulu, and many more
  • Conveniently proximate to public transit via the San Vicente WB & 7th FS bus stop located directly outside the property

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