Updated 10 Unit Building in Santa Monica

Description:

Updated 10-unit building in Santa Monica. This is a prime location close to everything. Restaurants, ocean and all the west side has to offer. The present owner has kept seven units vacant in order to remodel them. The building has just been painted, dual-pane windows have been installed, and a new roof within the last two years, The building has been repiped and had a lot of new electrical done. The building has completed the soft story retrofit work and had new earthquake valves installed. Seven of the units have just been remodeled. Most of the kitchens have new cabinets, counters, sinks, and faucets. Some have new tile and all units are freshly painted. Several units have received new flooring. Most of the bathrooms have had total or partial remodels. Three of the units have new appliances installed. Seven units are vacant and can be rented at market price according to the city of Santa Monica. The buyer should verify and double-check that information with the City. There is covered parking for 10 cars. The building will need window coverings in the seven units and appliances in four of the remodeled units.

For access and showings call Harvey Stern 310 741-3636. There are still some minor items that need to be finished and are in the process of being done. The appliances are currently in the process of being installed (7/30). There is a new washer and dryer on the premises that is fully owned. The units have just been completed and are ready to lease. The owner has invested a lot of money over the last two years in preparation to lease but his plans have now changed and he has decided to sell. One tenant is currently being evicted. The vacancy and expenses are estimated as the building has been in the remodeling phase for almost two years. One unit had the rent lowered by the rent control board but should be available to have the rent go back to normal. Please note, that the expenses have been estimated as the units have been vacant. Due to the extent of the work done to the property, the 30% estimate should be close but is not represented to be 100% accurate.