FIRST TIME ON THE MARKET IN 40 YEARS! OCEAN PARK PRIDE OF OWNERSHIPGREAT LOCATION, UNIT MIX AND INCOME POTENTIAL
2423 4TH STREETSANTA MONICACA 90405
Kenny Stevens Eric von BluecherBRE# 01090251 BRE# 01926201
310.968.7005 cell 310.900.9505 cell
[email protected] [email protected]
OFFERING MEMORANDUM
PRESENTEDBY
Kenny Stevens
Managing Partner / Senior Vice President
BRE#01090251
310.551.0660 Ext. 141 direct
Our mission
LOCATION OVERVIEWMarket OverviewLocation Overview MapExpo Line
PROPERTY SUMMARYProperty Highlights
Property Details
Aerial Photo
Parcel Orientation
Photography
FINANCIALSFinancial Overview
Rent Roll
COMPARABLESSales Comps
Rent Comps
MARKETING PACKAGEOVERVIEW
Eric von Bluecher
Investment Associate
BRE#01926201
310.900.9505direct
2423 4TH STREETSANTA MONICA, CA 90405
ABOUT US
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
Our world has changed and so has the business of real estate. It’s not enough to work with a typical real estate
company. At Concord, we think of ourselves as your partner - one who can bring every aspect of your portfolio
together under one roof, combining corporatecapabilities with a family feel.
Concord is the evolution of real estate. We’re changing the game and moving above and beyond what
you’ve come to expect. This is real estate unified; next-level services that seamlessly connect the dots so you
don’t have to. From acquisition to management to construction to the disposition, Concord is elevating your
experience every step of the way.
2423 4TH STREETSANTA MONICA, CA 90405
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
LOCATION
2423 4TH STREETSANTA MONICACA 90405
LOCATIONLOCATION OVERVIEW
SANTA MONICA, CALIFORNIA
One of the most desirable places to live in California, Santa Monica offers a walkable downtown,a blossoming public transportation system, and several notable tourist destinations. Known for itssunshine and beaches, Santa Monica prides itself as a national model for progressive issues,including social services, quality of life for local residents, and environmental leadership. Medianfamily income is $110,000 and average home prices are $1.1 million resulting in high tenantdemand, high rents and incredible ROI for real estate investors throughout the city’s history.
This urban village has spectacular views of its vast white sand beaches from Palisades Park,exceptional shopping on Third Street Promenade, main Street and Montana Avenue, and theregion’s most renowned restaurant scene. Santa Monica stretches for about two miles along thecoast before joining up with Venice Beach.
A population of nearly 90,000 and a daytimeworkforce of about 80,000 makes SantaMonica’s labor force participation rateamong the highest in the world and asubstantial daily in-migration of employees.Major employers include UCLA Hospital, St.John’s Health Center, RAND Corporation,Universal Music Group, Activision and SantaMonica College.
Comprised mainly of Santa Monica, Venice,and Playa Vista, Silicon Beach is home toover 500 tech startup companies. Majortechnology companies have opened officesin the region including Google, Yahoo!,YouTube, BuzzFeed, Facebook, Instabrand,Parachute, Saucey, EdgeCast Networks,and Snapchat. The region is considered thesecond- or third-largest tech hub in the world,according to various reports. This has hadmajor impacts on apartment rents in PlayaVista, Playa Del Rey, Westchester, SantaMonica, and Venice, as these areas havebecome more desirable due to this influx.
The Expo Line is a light-rail line that runs between Downtown Los Angeles and Santa Monica. Theline is named “Expo” after Exposition Boulevard, which it runs alongside for most of its route. It isone of the six lines in the Metro Rail system, and is operated by the Los Angeles CountyMetropolitan Transportation Authority (Metro).
2423 4TH STREETSANTA MONICA, CA 90405
LOCATIONLOCATION OVERVIEW
2423 4TH STREETSANTA MONICA, CA 90405
Santa Monica Pier
Marine Park
Main StreetUrth Caffé
Brick + Mortar
M Street Kitchen
Dogtown Coffee
YogaWorks
The GalleyEdgemar Center for the Arts
Pacific Street Dog Park
Stella Barra Pizzeria
Joslyn Park
2423 4th STREET
Venice Canals
Santa Monica
High SchoolTongva Park
Venice Beach Boardwalk
Muscle Beach
Third Street
PromenadeHillstone
The Kabbalah CentreTender Greens
Banana RepublicBrookstone
Burke WilliamsAMC Santa Monica 7
AMC Loews Broadway 4Equinox
NordstromSoul Cycle
Hotchkiss“Ocean View”
ParkSanta Monica Community Garden
WestminsterOff-Leash Park
Rose AvenueWhole FoodsCerveteca
Café GratitudeRose Café
The Yoga CollectiveMoon Juice
Groundwork Coffee
Abbot Kinney BlvdSalt Air Gjelina
Salt & StrawIntelligentsia Coffee
SatineAust
The Butcher’s DaughterAviator Nation
Ocean ViewPark
PenmarGolf Course
LOCATIONLOCATION OVERVIEW - Expo Line Adding Value to Santa Monica’s Premium Rental Market
2423 4TH STREETSANTA MONICA, CA 90405
2423 4th STREET
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
PROPERTY SUMMARY
2423 4TH STREETSANTA MONICACA 90405
PROPERTY SUMMARYPROPERTY HIGHLIGHTS
8 UNITS IN SANTA MONICA• First time on market in 40 years!
• Exceptional unit mix of (1) 2+2.5 Townhouse, (2) 2+1.5, (1) 1+1.5 Townhouse, (4) 1+1
• Approximately 35% upside in rents
• Front townhouse unit has ocean views, perfect for owner user
• (8) side by side parking spaces with room for tandem parking
• 1 bedroom 1½ bath townhome unit delivered vacant
• Walking distance to the beach, Main Street and Sunday Farmers Market
• Short bike ride or Uber to 3rd Street Promenade, Venice, SM College, & Expo Line
• New copper plumbing and roof
• Laundry room on-site (2 units have in-unit laundry)
• Bright and tranquil community patio
2423 4TH STREETSANTA MONICA, CA 90405
PROPERTY SUMMARYPROPERTY DETAILS
PROPERTY DETAILSUnits 8Major Intersection Ocean Park Blvd & Main St
Market Santa MonicaAPN 4287-007-014Zoning Type SMOP2Building SF 7,584 SFLOT SF 6,390 SF
PROPERTY DESCRIPTIONFirst time on the market in 40 years! This well located, 8 unit pride of ownership asset features a fantastic unit mix : (1) two bedroom / two and a
half bathroom townhome with ocean views, (2) two bedroom / one and a half bathroom flats, (1) one bedroom / 1.5 bathroom townhome unit
(currently vacant), and (4) one bedroom / one bath apartments. For anyone seeking property value appreciation and long-term security, this
location is A+. South Santa Monica / Ocean Park features a beachy, easy going vibe, slightly different than the more touristy, north Santa
Monica, though still capable of obtaining top of the market rents. From this SM Jewel, tenants can walk to the park, schools, beach, Main Street
and more! Take a quick bike ride to Rose Avenue or the Beach Bike path that will take you north to the Palisades or south to Playa Del Rey. There
is an ultra-convenient bus line just steps away that will shuttle you down to Venice, Abbot Kinney or north to the Expo Line station or all the way to
UCLA. With close proximity to the tech scene of Silicon beach, expect long term appreciation on this well insulated and well priced asset.
2423 4TH STREETSANTA MONICA, CA 90405
PROPERTY SUMMARYPROPERTY AERIAL
2423 4TH STREETSANTA MONICA, CA 90405
2423 4th STREET
PROPERTY SUMMARYPARCEL ORIENTATION
2423 4TH STREETSANTA MONICA, CA 90405
PROPERTY SUMMARYPROPERTY PHOTOS
2423 4TH STREETSANTA MONICA, CA 90405
PROPERTY SUMMARYPROPERTY PHOTOS
2423 4TH STREETSANTA MONICA, CA 90405
PROPERTY SUMMARYPROPERTY PHOTOS
2423 4TH STREETSANTA MONICA, CA 90405
PROPERTY SUMMARYPROPERTY PHOTOS
2423 4TH STREETSANTA MONICA, CA 90405
PROPERTY SUMMARYPROPERTY PHOTOS
2423 4TH STREETSANTA MONICA, CA 90405
PROPERTY SUMMARYPROPERTY PHOTOS
2423 4TH STREETSANTA MONICA, CA 90405
PROPERTY SUMMARYPROPERTY PHOTOS
2423 4TH STREETSANTA MONICA, CA 90405
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
FINANCIALS
2423 4TH STREETSANTA MONICACA 90405
FINANCIALSVALUATION - $4,450,000
2423 4TH STREETSANTA MONICA, CA 90405
FINANCIALSRENT ROLL
**Square footage is estimated
2423 4TH STREETSANTA MONICA, CA 90405
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
SALES COMPARABLES
2423 4TH STREETSANTA MONICACA 90405
COMPARABLESSALES COMPS
1
2423 4th Street Santa Monica, CA 90405 2626 11th Street Santa Monica, CA 90405
2615 2nd Street Santa Monica, CA 90405
431 Marine Street Santa Monica, CA 90405
611 Ocean Park Blvd Santa Monica, CA 90405
Comments: Large units. Inferior location, east of Lincoln. Similar age.
Comments: Inferior unit mix. Inferior location located on busy corner
of Ocean Park Blvd. 5 parking spaces. Structure almost 100 years
old.
Comments: Earthquake retrofitted, and remodeled in 2015. 7
parking spaces. Inferior unit mix.
Comments: Subject Property 2450 Oak Street Santa Monica, CA 90405
Comments: Inferior location. Inferior unit mix. Older building.
Sale Price $4,200,000
COE 11/29/2016
# of Units 7
Building SF 4,696
Price/SF $894.38
Price/Unit $600,000
Year Built 1962
Sale Price $3,510,000
COE 8/2/2016
# of Units 6
Building SF 6,491
Price/SF $540.75
Price/Unit $585,000
Year Built 1964
Sale Price $2,450,000
COE 7/6/2017
# of Units 5
Building SF 4,694
Price/SF $521.94
Price/Unit $490,000
Year Built 1922
Sale Price $3,490,000
COE 3/2/2016
# of Units 7
Building SF 7,070
Price/SF $493.64
Price/Unit $498,571
Year Built 1968
Sale Price $2,500,000
COE 9/19/2017
# of Units 6
Building SF 3,569
Price/SF $700.48
Price/Unit $416,667
Year Built 1948
UNITS UNIT TYPE
5 2 + 1.5 TH
1 1 + 1
UNITS UNIT TYPE
1 2 + 1
6 1 + 1
UNITS UNIT TYPE
6 1 + 1
UNITS UNIT TYPE
1 3 + 2
3 1 + 1
1 Studio
UNITS UNIT TYPE
3 3 + 1.75
4 2 + 1.5
LISTED FOR $4,450,000
# OF UNITS 8
BUILDING SF 7,584
PRICE/SF $586.76
PRICE/UNIT $556,250
YEAR BUILT 1965
2423 4TH STREETSANTA MONICA, CA 90405
Comments: Similar age. 7 parking spaces. Sold more than 1
year ago.
UNITS UNIT TYPE
1 2 + 2.5 (2 Story)
2 2 + 1.5
1 1 + 1.5 (2 Story)
4 1 + 1
COMPARABLESSALES COMPS
1
2423 4th Street Santa Monica, CA 90405
2727 6th Street Santa Monica, CA 90405
1850 11th Street Santa Monica, CA 90404
Comments: Inferior location, 5 blocks east of Lincoln.
Comments: Subject Property
227-233 Beach Street Santa Monica, CA 90405
Comments: Inferior unit mix. Older building.
Sale Price $17,425,000
COE 1/25/2017
# of Units 31
Building SF 23,700
Price/SF $735.23
Price/Unit $562,097
Year Built 1969
Sale Price $4,195,000
COE 12/7/2016
# of Units 6
Building SF 6,387
Price/SF $656.80
Price/Unit $699,167
Year Built 1964
Sale Price $5,200,000
COE 10/14/2016
# of Units 13
Building SF 6,292
Price/SF $826.45
Price/Unit $400,000
Year Built 1924
UNITS UNIT TYPE
14 2 + 1
17 1 + 1
UNITS UNIT TYPE
13 1 + 1
UNITS UNIT TYPE
2 3 + 2
4 2 + 1
LISTED FOR $4,450,000
# OF UNITS 8
BUILDING SF 7,584
PRICE/SF $586.76
PRICE/UNIT $556,250
YEAR BUILT 1965
2423 4TH STREETSANTA MONICA, CA 90405
Comments: (11) unit interiors were remodeled in 2015. Inferior
location, 2 blocks further east.
2315 2nd Street Santa Monica, CA 90405
Comments: Inferior unit mix. Property is over 100 years old. Similar
location (2 blocks away). Sold over 1 year ago. 1 parking space.
Sale Price $3,085,000
COE 7/8/2016
# of Units 6
Building SF 3,104
Price/SF $993.88
Price/Unit $514,167
Year Built 1900UNITS UNIT TYPE
1 2 + 1
4 1 + 1
1 Single
6
7
8
9
UNITS UNIT TYPE
1 2 + 2.5 (2 Story)
2 2 + 1.5
1 1 + 1.5 (2 Story)
4 1 + 1
2615 2nd Street
431 Marine Street
2626 11th Street
2450 Oak St
611 Ocean Park Blvd
2315 2nd Street
2727 6th Street
227-233 Beach Street
1850 11th Street
COMPARABLESSALES COMPS
Sales Comps
2423 4th STREET
2423 4TH STREETSANTA MONICA, CA 90405
6
78
9
6
7
89
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
RENT COMPARABLES
2423 4TH STREETSANTA MONICACA 90405
COMPARABLESRENT COMPS
4
2423 4th Street Santa Monica, CA 90405
1024 Maple St Santa Monica, CA 90405
831 Pacific St #4 Santa Monica, CA 90405
2639 6th St #1 Santa Monica, CA 90405
Comments: Townhome unit, light and bright. Rooftop deck with
mountain and city views. 2 car garage parking. Inferior location.
Comments: Upper unit, balcony, 1 parking, laundry on site.
Inferior location.
Comments: Remodeled unit w/ private patio, granite counters,
central air, hardwood floors, w/d in unit. Inferior location.
Comments: Subject Property
402 Pacific St Santa Monica, CA 90405 320 Pacific St #2 Santa Monica, CA 90405
Comments: Remodeled 2 story townhome units. Comments: Updated kitchen and baths, 2 parking, private patio.
6
7
2423 4TH STREETSANTA MONICA, CA 90405
744 Pier Ave Santa Monica, CA 90405
Comments: New kitchen & baths, private patio, granite counters,
two parking spaces, laundry on-site. Inferior location.
UNIT TYPE RENT
2 + 2.5 (2 Story) $4,750
2 + 1.5 $3,500
1 + 1.5 (2 Story) $4,250
1 + 1 $2,750
UNIT TYPE RENT
2 + 2 $4,500
UNIT TYPE RENT
2 + 2 $4,000
UNIT TYPE RENT
2 + 2 $4,300
UNIT TYPE RENT
2 + 2 $3,850
UNIT TYPE RENT
1 + 1.5 (2 Story) $4,400
1 + 1.5 (2 Story) $4,250
1 + 1.5 (2 Story) $4,100
UNIT TYPE RENT
2 + 2 $4,350
2315 2nd Street Santa Monica, CA 90405
UNIT TYPE RENT
2 + 2 $5.500
Comments: Remodeled unit with hardwood floors. Laundry in unit.
1 car garage.
COMPARABLESRENT COMPS
Rent Comps
1024 Maple Street
402 Pacific Street
2315 2nd Street
831 Pacific Street
2639 6th Street
320 Pacific Street
744 Pier Ave
2423 4TH STREETSANTA MONICA, CA 90405
6
7
6
7
2423 4th STREET
www.CONCORD-RE.com | [email protected] | 310.551.0660
449 South Beverly Drive, First Floor, Beverly Hills, CA 90212
KENNY STEVENS
BRE# 01090251
D: 310-551-0660 Ext. 141
BRE# 01926201
D: 310-900-9505
ERIC VON BLUECHER
OFFERING MEMORANDUM