About 1047 Ocean Park Blvd
1047 Ocean Park Blvd is a 5,296-square-foot, seven-unit apartment building located in the Ocean Park Submarket in the City of Santa Monica. Situated on a 6,617-sf corner lot, the property contains a highly desirable unit mix of (five) 2-bedroom/1-bathroom units and (two) studio units, while (one) 2-bedroom/1-bathroom unit is a spacious townhome. The property was retrofitted within the last two years; foundational work was completed in 2023, and a new concrete driveway was installed in November 2022. Furthermore, there are a total of ten parking spaces with four additional tandem spots. 1047 Ocean Park Blvd provides an investor with the opportunity to own a trophy asset in a desirable pocket of Santa Monica! The asset has a value-add component with approximately 42% in rental upside and a 6.50% pro-forma cap rate and 11.07 pro-forma GRM!
Features of 1047 Ocean Park Blvd
| MLS® # | 24-358301 |
|---|---|
| Price | $2,875,000 |
| Bathrooms | 0.00 |
| Square Footage | 5,296 |
| Acres | 0.15 |
| Year Built | 1947 |
| Type | Residential Income |
| Sub-Type | Apartment Building |
| Status | Active |
Community Information
| Address | 1047 Ocean Park Blvd |
|---|---|
| Area | Santa Monica |
| City | SANTA MONICA |
| County | Los Angeles |
| State | CA |
| Zip Code | 90405 |
Amenities
| Garages | Carport |
|---|---|
| Is Waterfront | No |
| Has Pool | No |
| Pool | None |
Interior
| Heating | Other |
|---|---|
| Cooling | Other |
| Fireplace | No |
| Has Basement | No |
Additional Information
| Date Listed | February 20th, 2024 |
|---|---|
| Days on Market | 89 |
| Zoning | SMR3* |
| Foreclosure | No |
| RE / Bank Owned | No |
Listing Details
| Agent | David Messiah (02117893) |
|---|---|
| Office | Lyon Stahl Investment Real Estate, Inc. |