1618 Berkeley Street, Santa Monica
Santa Monica Home For Sale
Private property. Fully occupied. 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 : 1.1618 Berkeley Street 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 rents at the property are approximately 31% 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.
Property Details
Additional Information
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- City:
- Santa Monica
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- County:
- Los Angeles
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- Zip:
- 90404
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- MLS® #:
- 24402659
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- Bedrooms:
- 4
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- Bathrooms:
- 3
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- Square Ft:
- 1,823
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- Lot Size:
- 0.13
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- Levels:
- One
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- Garages:
- 3
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- School District:
- Santa Monica-Malibu Unified
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- HOA Dues:
- $
Based on information from California Regional Multiple Listing Service, Inc. as of August 16th, 2024 at 3:55am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.