2218 24th Street

The subject property is a five-unit residential income asset located at 2218 24th Street in the Sunset Park neighborhood of Santa Monica. Built in 1947 and zoned SMR1, the asset consists of a (1) 2-Bedroom/ 1.5-Bath + Office front house, (3) 1-Bedroom / 1-Bath units, and (1) Studio / 1-Bath unit, totaling 3,412… rentable square feet on a 7,514 SF lot. There are two garages. One two-car garage is facing the alley, while the other two-car garage is accessible from the courtyard and is currently used as storage. There are 5 total parking spaces on-site. The property is 100% occupied with substantial in-place rental upside, sitting just blocks from Whole Foods, Trader Joe's, the Bergamot Expo Line station, and Santa Monica College. Positioned just blocks from neighborhood shopping and restaurants, the property boasts a walk score of 88 (Walker's Paradise). There is a laundry room on-site with washer and dryer machines that are owned provided a great amenity and additional income. The property benefits from one of the Westside's most walkable submarkets, a quiet residential pocket with limited new supply, strong renter demand, and the long-term durability that defines Santa Monica multifamily. Read More