1618 Berkeley Street

Santa Monica, CA 90404

PRICE REDUCED

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-$200,000 (-11.11%)

$1,600,000

List Price

4

bed Beds

3

shower Baths

1,823 sqft

straighten / sqft

1953

calendar_month Built

Open Houses

Next available: Saturday, October 12th, 2024 11:00 am - 3:00 pm

Save to Open House Schedule

calendar_month Sunday, October 13th, 2024

11:00 am - 3:00 pm • Save to Open House Schedule

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 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.

Listing Information

List Price $1,600,000
Status Active
MLS 24402659
Type Residential Income
Year Built 1953
Lot Size 5,861
Structure Size 1,823
DOM 118
Courtesy Of CB Richard Ellis, Inc.
Listing Agent James Keady DRE#01943024

Interior Features

Laundry Information
Location(s) Common Area, In Kitchen, Laundry Room, Stacked
Total Bedroom
Bedrooms 4
Total Bathroom
Bathrooms 3
Cooling Type
Cooling Type None

Exterior Information

Other Structures
Features Open, Patio

Maps

Listing information courtesy of: James Keady, CB Richard Ellis, Inc. . *Based on information from the Association of REALTORS/Multiple Listing as of Sep 19th, 2024 at 9:05 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. 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.