2423 4TH STREET SANTA MONICA CA 90405 - LoopNet

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

[email protected]

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

[email protected]

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.



LOCATION


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).


LOCATIONLOCATION OVERVIEW


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 STREET


PROPERTY SUMMARY


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


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.


PROPERTY SUMMARYPROPERTY AERIAL


2423 4th STREET

PROPERTY SUMMARYPARCEL ORIENTATION


PROPERTY SUMMARYPROPERTY PHOTOS















FINANCIALS


FINANCIALSVALUATION - $4,450,000


FINANCIALSRENT ROLL

**Square footage is estimated



SALES COMPARABLES


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


COE 8/2/2016

# of Units 6

Building SF 6,491

Price/SF $540.75

Price/Unit $585,000

Year Built 1964


COE 7/6/2017

# of Units 5

Building SF 4,694

Price/SF $521.94

Price/Unit $490,000

Year Built 1922


COE 3/2/2016

# of Units 7

Building SF 7,070

Price/SF $493.64

Price/Unit $498,571

Year Built 1968


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


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


1

2423 4th Street Santa Monica, CA 90405



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.


COE 1/25/2017

# of Units 31

Building SF 23,700

Price/SF $735.23

Price/Unit $562,097

Year Built 1969


COE 12/7/2016

# of Units 6

Building SF 6,387

Price/SF $656.80

Price/Unit $699,167

Year Built 1964


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


Comments: (11) unit interiors were remodeled in 2015. Inferior

location, 2 blocks further east.


Comments: Inferior unit mix. Property is over 100 years old. Similar

location (2 blocks away). Sold over 1 year ago. 1 parking space.


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


Sales Comps

2423 4th STREET


6

78

9

6

7

89


RENT COMPARABLES


COMPARABLESRENT COMPS

4


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


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


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


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

[email protected]

BRE# 01926201

D: 310-900-9505

[email protected]

ERIC VON BLUECHER

OFFERING MEMORANDUM

Documents

2423 4TH STREET SANTA MONICA CA 90405 - LoopNet