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$1,600,000

Est. payment - /mo

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4 BD

3 BA

1,823 SqFt

Active Under Contract

1618 Berkeley ST Santa Monica, CA 90404

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Michael J. Lofton

citymikesd@gmail.com +1(619) 983-8805

UPDATED:

10/30/2024 10:22 PM

Key Details

Property Type Multi-Family

Listing Status Active Under Contract

Purchase Type For Sale

Square Footage 1,823 sqft

Price per Sqft $877

MLS Listing ID 24402659

Bedrooms 4

Construction Status Fixer

HOA Y/N No

Year Built 1953

Lot Size 5,863 Sqft

Property Description

NOW AVAILABLE FOR $1,600,000 + TWO-BEDROOM UNIT DELIVERED VACANT. USE INCOME FROM OTHER TWO UNITS TO HELP COVER MORTGAGE. POTENTIAL TO EXEMPT PROPERTY FROM CITY RENT CONTROL IF OWNER-OCCUPIED. ADU POTENTIAL. Private property. Do not walk onto property or disturb tenants. Tours by appointment only. CBRE, Inc. exclusively presents 1618 Berkeley Street in Santa Monica, CA. This multifamily investment opportunity consists of two structures built in 1953 on a 5,861 square foot lot on a quiet, smart, treelined street. The property's front structure has three units: one (1) two-bedroom-one-bath unit, and two (2) one-bedroom-one-bath units, totaling 1,823 square feet of living space. Additionally, the front structure offers a dedicated 36 square foot shared laundry room. A detached structure at the rear of the property provides three individually lockable single-car stalls, totaling 580 square feet of garage space. The lot also provides two uncovered parking spaces, creating five total spaces and a parking ratio of 1.67 : 1. The property offers an attractive blend of location, potential for income growth via value-add renovations, and the potential to create even more revenue with the creation of an ADU. Current income at the property is approximately 21% below market. As the building is subject to Santa Monica Rent Control, a new owner may have the opportunity to increase rents to market at tenant turnover, or further increase rental income with complete unit renovations upon vacancy. And, the property's detached garage structure offers the perfect space for conversion to a 580 SF Accessory Dwelling Unit (buyer to verify compatibility with zoning & city code). It is a true value-add opportunity in an affluent area that combines high-quality living standards and employment opportunities. For either an owner occupier or an owner investor, 1618 Berkeley Street offers an excellent opportunity to acquire a fantastic piece of real estate in a premier neighborhood. You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

Location

State CA

County Los Angeles

Area C14 - Santa Monica

Zoning SMR2*

Rooms

Ensuite Laundry Common Area, In Kitchen, Laundry Room, Stacked

Interior

Laundry Location Common Area,In Kitchen,Laundry Room,Stacked

Heating Natural Gas

Cooling None

Fireplace No

Appliance Disposal, Gas Oven, Dryer, Washer

Laundry Common Area, In Kitchen, Laundry Room, Stacked

Exterior

Garage Assigned, Door-Multi, Garage, Uncovered

Garage Spaces 3.0

Garage Description 3.0

Porch Open, Patio

Parking Type Assigned, Door-Multi, Garage, Uncovered

Attached Garage No

Total Parking Spaces 5

Building

Lot Description Front Yard, Rectangular Lot, Yard

Story 1

Entry Level One

Level or Stories One

New Construction No

Construction Status Fixer

Schools

School District Santa Monica-Malibu Unified

Others

Senior Community No

Tax ID 4268004008

Special Listing Condition Standard

Listed by James Keady • CB Richard Ellis, Inc.

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Michael J. Lofton

Broker | License ID: 01988777

+1(619) 983-8805

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