1618 Berkeley ST Active Save Request In-Person Tour Request Virtual Tour
Santa Monica,CA 90404
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 1,823 sqft
Price per Sqft $877
MLS Listing ID 24402659
Bedrooms 4
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
Laundry Common Area,In Kitchen,Laundry Room,Stacked
Exterior
Garage Assigned,Door-Multi,Garage,Uncovered
Garage Spaces 3.0
Garage Description 3.0
Building
Lot Description Front Yard,Rectangular Lot,Yard
Story 1
New Construction No
Schools
School District Santa Monica-Malibu Unified
Others
Special Listing Condition Standard