2327 2nd Street

2327 2nd Street, Santa Monica, CA 90405

Sale Price

$3,250,000

Investment Overview

Units

8

Year Built

1924

Price Per Unit

$406,250

Market Cap Rate

4.33%

Market GRM

15.22

The Offering

Stepp Commercial presents 2327 2nd Street, 8 bungalow-style units located in prime Santa Monica, just one block from the iconic Main Street and two blocks from the ocean.

The unit mix consists of (4) one-bedroom/one-baths and (4) studios with spacious kitchens and baths. Hardwood floors and built-in cabinetry offer character and charm.

Located in one of the most desirable rental areas in Santa Monica with a Walk Score of 97, this property provides the quintessential urban beach lifestyle.  The ocean and bike path as well as the shopping, dining and nightlife along Main Street are within steps, and employment is strong with a plethora of media and technology companies within a 3-mile radius.

With ±108% upside potential in rents, this property offers investors a value-add opportunity for future rent growth and appreciation.

Investment Highlights

  • 8  Bungalow-Style Units in Prime Santa Monica  – Walk Score 97
  • One Block from Main Street, Two Blocks from the Ocean
  • Favorable Mix of (4) 1 BD/ 1BA Units and (4) Studios
  • Hardwood Floors and Period Built-Ins
  • ±108% Upside Potential