724 Ashland Ave

724 Ashland Avenue, Santa Monica, CA

$3,500,000

Price

4.76%

Cap Rate

$166,647

NOI

Overview
Cap Rate
4.76%
NOI
$166,647
Pro Forma Cap Rate
5.15%
Building Size
3,898 sqft
Lot Area
5,493 sqft
Occupancy
25%
Units
4
GRM
15.2
Year Built
1956
Price Per Sqft
$89,790
Price Per Unit
$875,000
Zoning
SMOP2
Floors
1
Parking Spots
8
Year Last Renovated
2020
Description

Year-One 4.76% Cap Rate!!! Central Realty Advisors Is pleased to present 724 Ashland Ave, a modern, fully renovated quadruplex conveniently located in prime Santa Monica, one of the highest demand apartment rental markets in the country. Built in 1956 and repositioned in 2019/2020, the complex offers an incredible unit mix of three newly complete 3 Bed/2 Bath units and one 2 Bed/1 Bath unit (delivered vacant after escrow, convertible to a 3 Bed/2 Bath like others). Designed by architect Michael Tersigni, each tailored home features wide plank white oak flooring, expansive windows, and custom LED lighting. Each kitchen is outfitted with Ceaserstone counters, Bertazzoni appliances, including dishwasher, and Moen hardware. Baths feature Duravit deep soaking tubs and rain showers. The property features a large patio/common area and ample parking & storage for all units. Located moments away from Santa Monica Beach and Pier, the Third St Promenade, and Venice, this meticulously maintained four-plex presents a rare opportunity for an investor to acquire a remodeled asset and finish the final unit to achieve a ~5.15% Cap Rate.

Highlights
  • Year-One Cap Rate ~ 4.76%
  • 6 Blocks to The Ocean
  • Brand New Gut Renovations (2019/2020)
  • Ample Storage and Parking for all Units & Large Patio/Common Area
  • Three Units Delivered Vacant
  • Utilities Sub-metered
  • Three 3 Bed+2 Bath Units & One 2 Bed+1 Bath Unit (convertible to 3+2)
  • Units Feature High-End Condo Grade Finishes

Location
Gallery