8-unit property with 6 of the units immaculately upgraded by Teague Designs located in the Mid-City area of Santa Monica. Just a few blocks away from top-tier restaurants, upscale shopping, high-end grocery stores like Erewhon Market, Bristol Farms and Whole Foods, and major employment hubs.- Comprised of (1) 1-bdrm + 1-bath unit (ADU), (1) 2 bdrm + 1 bath unit, (3) 2bdrm+ 1.5 bath townhome units, (1) 2 bdrm + 2 bath unit, and (2) 2bdrm + 2.5 bath townhome units. Sitting on an 8,125 SF lot zoned SMR2 located just north of Colorado Blvd.- All the units have large private outdoor patios, balconies, or rooftop decks that accommodate for indoor/outdoor living. The upgraded units all have custom built-ins and finishes. In addition, all the upgraded units have in-unit washers and dryers and an outdoor barbecue area with wet bar and storage area. Unit 2 the 2 bdrm + 2 bath unit has a private elevator taking the tenant from the parking area directly to the balcony entryway and the rooftop deck.- Tremendous Value-add opportunity, rents are approximately 53.0% below market compared to renovated units in the area. 7 units are in turn-key condition- 2 units delivered vacant: owner's unit (unit 2) and ADU (Unit 8) All offers need to be submitted on a CAR RIPA form. Gross rent multiplier and cap rate assume that both vacant units (owners unit and ADU) are leased at projected market rents.
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