Residential Income – 1045 Ocean Ave, Santa Monica, CA 90403, USA -001-11-30T00:00:00-08:00
1045 Ocean Ave is a 21-units apartment in Downtown Santa Monica. It is located on Ocean Ave between California Ave and Washington Ave. It is located a block away from Third Street Promenade on Wilshire Blvd, across the street from Palisades Park that offers
1045 Ocean Ave, Santa Monica, CA 90403, USA
$16,000,000 USD
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Address1045 Ocean Avenue, Santa Monica
Price$16,000,000
Year Built1922
Bedrooms Total0
Lot Size (Sq.Ft.)11,261
Listing IDAR18256427
StatusActive
Parcel Number4292027011
ZoningSMR3
Special ConditionsStandard
Days on Market147

Detailed Description: 1045 Ocean Ave is a 21-units apartment in Downtown Santa Monica. It is located on Ocean Ave between California Ave and Washington Ave. It is located a block away from Third Street Promenade on Wilshire Blvd, across the street from Palisades Park that offers unobstructed ocean view of Pacific Ocean, Santa Monica Beach, Santa Monica Pier and Southern California coastline. It is within walking distance to all the best amenities Santa Monica has to offer, including Metrolink light-rail station on Colorado Ave. It has a strong demographics of $143,000 average household income within a 3-mile radius and has superb access to FWY 10 and CA-1N (Pacific Coast Highway) is a street away. The property is a 2-1/2 story apartment that was built in 1922. It has a total of ±15,005 sq.ft building size (per profile) and situated on a ±11,260 sq.ft R3 lot. It is surrounded by much higher density residential properties on its left and right. Unit mix consists of four (4) 2bedroom + 1bathroom, eight (8) 1bedroom + 1bathroom, eight (8) studio, and one (1) penthouse-1bedroom + 1bathroom. The property is master metered for electricity, gas and water. It is under Santa Monica Rent Stabilization Ordinance (rent control). It has a shared laundry room. Several units have been upgraded and one unit can be delivered vacant at close of escrow. Parking is provided by 6 garage parking in the back (alley access).

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Cooling
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Parking
Pool Private
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Address Information
Address1045 Ocean Avenue, Santa Monica
Street SuffixAvenue
CitySanta Monica
Location (MLS Area)C14 – Santa Monica
County Or ParishLos Angeles
State or ProvinceCA
Postal Code90403
Postal Code Plus43541
CountryUS
Financial Information
Price per Lot Square Foot$1,420.83
Price per Unit$762,000
Special ConditionsStandard
Gross Multiplier14.75%
Tax Year2000
Full Descriptions
Parcel Number4292027011
Detailed Description1045 Ocean Ave is a 21-units apartment in Downtown Santa Monica. It is located on Ocean Ave between California Ave and Washington Ave. It is located a block away from Third Street Promenade on Wilshire Blvd, across the street from Palisades Park that offers unobstructed ocean view of Pacific Ocean, Santa Monica Beach, Santa Monica Pier and Southern California coastline. It is within walking distance to all the best amenities Santa Monica has to offer, including Metrolink light-rail station on Colorado Ave. It has a strong demographics of $143,000 average household income within a 3-mile radius and has superb access to FWY 10 and CA-1N (Pacific Coast Highway) is a street away. The property is a 2-1/2 story apartment that was built in 1922. It has a total of ±15,005 sq.ft building size (per profile) and situated on a ±11,260 sq.ft R3 lot. It is surrounded by much higher density residential properties on its left and right. Unit mix consists of four (4) 2bedroom + 1bathroom, eight (8) 1bedroom + 1bathroom, eight (8) studio, and one (1) penthouse-1bedroom + 1bathroom. The property is master metered for electricity, gas and water. It is under Santa Monica Rent Stabilization Ordinance (rent control). It has a shared laundry room. Several units have been upgraded and one unit can be delivered vacant at close of escrow. Parking is provided by 6 garage parking in the back (alley access).
Lot FeaturesLot 10000-19999 Sqft, Lot Shape-Rectangular, Lot-Level / Flat, Near Public Transit, Park Nearby, Value In Land
Community FeaturesUrban
Water SourcePublic
Roof DescriptionShingle
Laundry FeaturesArea, Community
Heating DescriptionWall Heater
Cooling DescriptionNone
Appliances DescriptionGas Range, Gas Water Heater, Refrigerator
Parking FeaturesAssigned
Sewer DescriptionPublic Sewer
Fireplace FeaturesNone
Common Walls Description2
View DescriptionCoastline, Ocean, Panoramic
Pool FeaturesNone
Spa FeaturesNone
Property parameters
Year Built1922
Lot Size (Sq.Ft.)11,261
Lot Size (Acres)0.259
Lot Size SourceAssessor
Number of Buildings1
Number of Units Total21
ZoningSMR3
Stories Total3
Parking Spaces6
Garage Spaces6
LevelsThree Or More
Water SourcePublic
Units Total21
Year Built SourceAssessor
Number of Separate Electric Meters1
Number of Separate Gas Meters1
Number of Separate Water Meters1
Units with Disposal21
Units with Refrigerator21
Cap Rate (For Cash Payment Only)5.14
Listed withHandoko Chen (GIG Real Estate Inc.)