Property Details

Year Built: 1960
Units: 9
Price / Unit: $544,444
Price / SqFt: $660
CAP: 5.41%
GRM: 13.13

Executive Summary

Marcus & Millichap is pleased to present 301 Ashland Avenue, in Santa Monica, CA. Built in 1960, this nine-unit property that will be delivered with seven vacancies is located on 7,727 SF lot in the Ocean Park neighborhood of Santa Monica. The building features one-bedroom and two-bedroom units each with a large and spacious layout.

This offering presents an investor the opportunity to capture the pro forma rents immediately once renovations are complete. Two of the units have ocean views and two feature private decks. The subject property has eighteen total parking spaces with no soft-story work required.

Santa Monica remains one of the most desirable addresses for both living and working. With a median household income of over $100,000 and average home value of $1.1 million, the demand for apartment units increases year-over-year.

The Ocean Park Santa Monica neighborhood continues to grow at a rapid pace and attracts high-end residents with the unparalleled access to employment opportunities and entertainment amenities. The subject property has a walk score of 86 and the location allows for a quick commute to Downtown Santa Monica and Los Angeles.

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