** SELLER FINANCING of $1,700,000 at a 4.52% Rate Available through 2032 (7 full years at 60% LTV)** 1047 Ocean Park Blvd is a 5,296-square-foot, seven-unit apartment building situated on a 6,617-square-foot corner lot, just east of Lincoln Blvd and less than a mile from the ocean. The property features… Read More a mix of five 2- bedroom/1-bathroom units, including one townhouse, and two large studio units. It also provides a total of ten parking spaces, offering convenience and accessibility for tenants.The property has undergone significant upgrades in recent years. Select units have been updated with maple and laminate flooring, and the building was retrofitted within the last two years. Foundational work was completed in 2023, while a new concrete driveway was paved in November 2022. This property offers strong rental upside with a pro-forma cap rate of 6.72% and a pro-forma GRM of 10.68. Its prime Santa Monica location combined with its recent improvements and competitive financing options, this property is a great investment opportunity with room for growth. Read Less
Listing Snapshot
Days Online
90
Last Updated
Property Type
Other
Square Ft.
5,296
Lot Size
0.15 Acres
Year Built
1947
MLS Number
25489977
30 Days Snapshot Of 90405
$1,886k
-7%
(avg) sold price
6
-70%
homes sold
50
-41%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Built in 1947, Building area total: 5,296, Levels: Two, Living area: 5296, 2 stories, 1 building
Income
Gross income: $192,218, Net operating income: $124,170
Lot
0.152 acres, 6,619 square feet, Size: 6,619
Parking
10 totals parking, Carport
Property
Zoning: SMR3*
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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