Friday, September 21, 2012

649 Ocean Park Boulevard - For Sale - $1,775,000 - 7 Units in Prime Ocean Park -- Great Value at 14.8 GRM on Current Rents; Family-Owned Since 1986

Adner Realty Group is pleased to present our newest listing, 649 Ocean Park Boulevard, a 7-unit apartment building located in the city of Santa Monica. Priced at $1,775,000, with $120,000 in annual income and a GRM of 14.8, this building is an attractive investment located only .6 miles from the beach. The market concurred -- the property is currently in contract.

Family-owned since 1986, the building comprises 5,262 sq ft on an 8,133 sq ft corner lot. It has three two bedroom, one bath units, and four one bedroom, one bath units. The property includes five tuck-under parking spaces, and units are separately metered for gas and electricity.

Ocean Park Boulevard between Neilson Way and Lincoln Boulevard is currently being transformed into a "Complete Green Street". This heralded renovation will be completed in early 2013 and will result in an enhanced streetscape environment that is pedestrian- and bicycle-oriented, attractive, green, with wider sidewalks and 100 new trees.

There are few buildings of this size, quality and price range on the market in prime Westside locations, and it's no surprise that this building attracted multiple offers and went into contract immediately.

Adner Realty Group specializes in marketing multifamily properties.

If you are an Apartment Owner considering selling a building, please contact us, we'd love to discuss our marketing strategies with you.  If you are a Buyer interested in purchasing a multifamily building, please also contact us -- we have "pocket listings" that are not currently on the market, and we spend much of our time analyzing and reviewing properties for sale, and can recommend our preferred "picks".