2710 Arizona Ave

Highlights:

• 30% Rental Upside. Scheduled rent of $116,004 a year rises to $150,960 at market rents. Unit C is at $723 a month against a $2,995 market rent.
• Cap Rate Climbs With Rent. NOI rises from $96,839 to $131,795 at market rents, from a 5.38% to a 7.32% cap rate at the $1,800,000 list price.
• Income Beyond the Units. The detached garage on the rear alley is leased as studio space at $1,300 a month, $15,600 a year.
• Easy Pathway to an ADU. The detached garage already has a permitted half bath (2018) and lighting, lowering the cost of an ADU conversion.
• A Private, Landscaped Setting. Gated street frontage and a landscaped courtyard patio, with four unit electric meters and a house meter.
• Walk Score 92. One block south of Wilshire, 0.15 miles from Erewhon and 0.60 miles from the Metro E Line at Bergamot.

Description:

The LAAA Team of Marcus & Millichap, together with The Appel Group of Equity Union Commercial, is pleased to present 2710 Arizona Ave, known as The Bungalows, a four-unit apartment building one block south of Wilshire Boulevard in Mid-City Santa Monica. Behind a hedge and a gated frontage, the property opens onto a landscaped courtyard patio, a private garden setting at the center of the building. Built in 1950, the four one-bedroom residences keep the scale and feel of a small neighborhood court, with mature shade trees, garden beds and a courtyard seating area around them. Unit A has two full baths, one up and one down. The detached garage on the rear alley is leased as studio space at $1,300 a month, or $15,600 a year, a second source of income outside the unit rents.