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SOLD 10/13/2021

2224 Oak Street, Santa Monica, CA 90405$2,700,000

1
bed
2
baths
3590
ft2
· 8274
ft2 lot
$770 / ft2

Listing provided courtesy of Listing Broker: Filip Niculete, Marcus & Millichap
Source CRMLS;
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We are pleased to present this 6-unit apartment building in the heart of Santa Monica, California. Three of these units are bungalow style and they sit on a 8,273 square feet corner lot with 3,590 square feet of rentable area. The offering is comprised of One-Bedroom and Studio units all with private yards and balconies. This former 4-unit building has recently been upgraded to a fully permitted 6-unit building with half of the units being extensively renovated. This gives an investor an opportunity to capture around 45% upside by renovating the remaining three units and achieving pro forma rents. Unit A is substantially below fair market in rents and is an unrenovated end unit located on the Southwest corner of 23rd and Oak Street. This unit also includes a private front side and very large rear yard. Unit B is also substantially below fair market in rents and is an unrenovated unit fronting 23rd Street with private front and rear yards. Unit C has been substantially rebuilt with new roofing, new windows, 13-foot ceiling height at its apex, new appliances, hardwood flooring, extensive and over-abundant cabinetry, washer/dryer in-unit, new LED lighting, and a fully renovated bedroom and bathroom. The tenants of this unit also enjoy large fully private front, side and backyards, and a rear deck including a nice fruit tree. Unit D has a large second story balcony and front awning. This unit remains unrenovated and is substantially below fair market rent. This unit includes a private stairwell and one on-site parking stall. Unit E was a nonconforming studio unit which is now a permitted unit with a large exclusive patio area with pavers and private fencing. This units renovations include new appliances, hardwood flooring, new windows, extensive cabinetry, washer/dryer in-unit, new LED lighting, fully renovated bathroom, studio, kitchen areas and a large walk- in closet. Unit F is a permitted ADU studio converted from a former 2 car garage with an exclusive patio area with pavers and private fencing. This unit includes new appliances, new windows, hardwood flooring, extensive cabinetry, washer/dryer in-unit, new LED lighting, and fully renovated bathroom, studio, and kitchen areas.

HOA

$0/month

On market

Year built

1937

Property type

Multi-Family

Parking

3

MLS

21770960

Price / Sq.Ft.

$770 / ft2

Status

Closed

Home details for 2224 Oak Street

Interior Features & Layout
Interior Size
•   
Building Area Total: 3590.00
Property, Lot, Community & Exterior Features
Parking Info
•   
Parking Available: 1
Building Info
•   
Zoning: SMR2*
•   
Stories Total: 1
Community Info
•   
Number Of Buildings: 1
•   
Total Units: 6
Lot Info
•   
Lot Size Acres: 0.1899
•   
Lot Size Dimensions: 50x140
•   
Lot Size Area: 8274.0000
•   
Lot Size Units: Square Feet
Listing Details, Costs & Financing Information
Financial Info
•   
Gross Operating Income: 161167.00
•   
Vacancy Allowance Rate: 2.00
•   
Total Expenses: 51608.00
•   
Gross Multiplier: 16.64
Tax/Assessment Info
•   
Gross Income: 166152.00
•   
Tax Year: 2020
•   
Taxes: 21382.76
Lease Info
•   
Net Operating Income: 109560.00
Listing Info
•   
Status: Closed
Multi Unit Information
Unit 2 Information
•   
Unit 2 Actual Rent: 2174.00
•   
Unit 2 Bedrooms: 1
•   
Unit 2 Total Units: 4
•   
Unit 2 Furnished Units: Unfurnished
•   
Unit 2 Bathrooms: 1
•   
Unit 2 Total Rent: 8696.00
Multi Unit Information
•   
# Of Units: 13
Unit 1 Information
•   
Unit 1 Total Units: 2
•   
Unit 1 Furnished Units: Unfurnished
•   
Unit 1 Bathrooms: 1
•   
Unit 1 Actual Rent: 2575.00
•   
Unit 1 Total Rent: 5150.00
School Neighborhood & Directions
School Info
•   
Directions: Oak & 23rd
Other
Calculation
•   
Dom: 7

Neighborhood snapshot

Flyhomes
California
Los Angeles County
Los Angeles
Sunset Park
49
Properties for sale
11
Median days on market
$1033.34
Median sold price/sqft
101.74%
Sold/List %
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Property History for 2224 Oak Street

10/13/2021
10/13/2021
Public Record
sold
Public Record
$2,700,000
--2.35%
10/13/2021
10/13/2021
CRMLS #21770960
sold
CRMLS #21770960
$2,765,000
08/16/2021
08/16/2021
CRMLS #21770960
pending
CRMLS #21770960
$2,765,000
+62.65%
10/24/2019
10/24/2019
Public Record
sold
Public Record
$1,700,000
--11.69%
10/24/2019
10/24/2019
CRMLS #19510854
sold
CRMLS #19510854
$1,925,000
+6.94%
See more property history

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