Active
2823 2nd St
Santa Monica CA, 90405
$6,850,000
Active
12 Beds
Residential
INCLUDES TO-BE-BUILT 3 PERMIT READY ADUs! CBRE, as exclusive agent, is pleased to present for sale an exceptionally located Santa Monica value-add opportunity comprised of 12 existing apartment units, together with approved and permit-ready plans to build three accessory dwellings units (ADUs), for a potential total of 15 apartment units, walking distance to the Pacific Ocean. Located at the northeast corner of 2nd Street and Ashland Avenue in Santa Monica's Main Street neighborhood, 2823 2nd Street includes an existing 12-unit apartment property, of which four units were recently gut renovated and completely modernized with copper plumbing, tankless water heaters, mini-split HVACs in the living rooms and bedrooms, and in-unit washer/dryers, among other upgrades. The Seller also made capital improvements to the property including a new electrical panel with individual meters, new landscaping, and new wrought iron fencing. Of the remaining eight unrenovated units, two will be delivered vacant at the close of escrow. As well, Seller obtained Architectural Review Board and Building Department approval to add a 450 square foot patio space for Unit G (a vacant second-story unit). The Seller also secured pre-approval to build another 450 square foot patio space for Unit H (the other second-story unit) in the future. Additionally, Seller procured entitlements to build three ADUs. Each of these ADUs would be one bedroom and one bathroom. The ADUs will replace an existing garage structure on Ashland Avenue, which was previously leased out as nine storage spaces. The storage spaces will be delivered vacant at the close of escrow and are not subject to any leases. A buyer may choose to either build out the three ADUs or may choose to lease out the nine storage spaces for additional income. Renovated Units Feature: Copper Plumbing, Tankless Water Heaters, Mini Split HVAC in Living Room & Bedroom, In-Unit Washer/Dryer, Recessed Lighting, New or Refinished Flooring Throughout, Beautiful White Cabinetry and Quartz Countertops in Kitchen & Bathroom, New Stainless Steel Appliances Including, Cooktop, Oven, Refrigerator, Dishwasher & Microwave, Renovated Bathrooms with Walk-In Showers, New Fixtures in Kitchens & Bathrooms, Low-Profile Ceiling Fans, New Windows & Blinds and New Electrical Subpanels with Upgraded Wiring Throughout. Non-renovated Units Feature: Separate Water Heaters, Hardwood Floors and Gas Stoves. Property Features Include: New Wrought Iron Fence Around Perimeter of Property, New Stamped Concrete Pavers in the Courtyard, New Electrical Panel with Individual Meters (400A), Newly Painted Exterior and New Landscaping. Offers Due: Friday, April 19, 2024 by 5 p.m.
24-371870
MLSⓇ ID
February 23, 2024
Listed
April 12, 2024
Updated
Map
2823 2nd St
Santa Monica CA, 90405
Interior Features
Total Stories
2
Bedrooms
12
Appliances
Other
Fireplace
No
Cooling
Yes
Cooling Description
Other
Heating
Yes
Heating Description
Other
Exterior/Building Features
Lot Size
0.3 Acres
Other Property Details
Area Name
Santa Monica
Days on Market
47
Garage
Yes
Parking
Permit/Decal, Garage Is Detached
Parking Total
0
View
No
County
Los Angeles
Pool
No
Zoning
SMOP2*
Listed by Laurie Lustig with Laurie J. Lustig
Listing Contact: 310-550-2556
Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Kris Zacuto shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.
©2024 Combined L.A./Westside MLS. All rights reserved.
Data last updated 4/12/2024