Ocean Santa Monica Apartments is a pride of ownership asset offering luxurious modern living. This contemporary 28-unit apartment building is positioned to enjoy stunning views of the Santa Monica beaches and sunsets over the Pacific Ocean. Located on Ocean Avenues Golden Mile, in the Wilshire Montana Neighborhood of Santa Monica, this enviable location, just east of Santa Monica Beach is within close proximity to enjoy the best lifestyle amenities that Santa Monica has to offer such as Santa Monica & Malibu beaches, the Santa Monica Pier, Ocean Avenue dining, the 3rd Street Promenade, Montana Avenue shops, and Palisades Park. Unique to 901 Ocean Avenue is the property's location directly across the street from one of the few beach access paths, and one block south of Montana Avenue and its collection of over 150 shops and cafes. Some residents have picked Ocean Santa Monica based on its coveted location. Built in 1961, and renovated in 2015 and 2021/2022, the Property is comprised of one three-story courtyard style building featuring high-end interior and exterior finishes. The desirable unit mix of (18) one-bedroom units, and (10) two-bedroom, two-bath units. Ocean Santa Monica Apartments provides an investor the opportunity to own a pride of ownership apartment building in a highly coveted Southern California location. The long-term outlook for the West Los Angeles region is positive and is expected to retain its highly desirable reputation establishing the benchmark for the remainder of the region.
Property Features
Interior Features
- Granite Counters
- Living Room Balcony
- Quartz Counters
- Recessed Lighting
- Door Features: Sliding Doors
- Flooring: Wood
- Window Features: Double Pane Windows, Screens
Appliances
- Dishwasher
- Electric Range
- Disposal
- Refrigerator
- Laundry Features: Community
Bathrooms
Heating and Cooling
- Fireplace Features: Fire Pit
- Heating Features: Electric
- Heating: Yes
Exterior and Lot Features
- Lighting
- Fencing: Block, Glass
- Road Frontage Type: City Street
Land Info
- Additional Parcels: No
- Land Lease: No
- Lot Description: Landscaped
- Lot Size Acres: 0.3446
- Lot Size Source: Assessor
- Lot Size Square Feet: 15011
Pool and Spa
- Pool Features: Community, Fenced, Heated, In Ground
Waterfront and Water Access
Garage and Parking
- Garage Spaces: 33
- Parking Features: Assigned, Controlled Entrance, Electric Vehicle Charging Station(s)
- Parking Total: 33
Home Features
Homeowners Association
- Association: No
- Calculated Total Monthly Association Fees: 0
- Gardener Expense: 4000
- Maintenance Expense: 14000
Rental Info
- Gross Income: 1883472
- Gross Scheduled Income: 1883472
- Number of Units Leased: 25
- Tenant Pays: Electricity
- Vacancy Allowance: 56504
- Rent Control: Yes
Multi-Unit Info
- Number of Units: 28
- Bedrooms in Unit-1: 1
- Bedrooms in Unit-2: 2
- Total Bathrooms in Unit-1: 1
- Total Bathrooms in Unit-2: 2
- Full Bathrooms in Unit-1: 1
- Full Bathrooms in Unit-2: 2
- Unit-1 Furnished Description: Unfurnished
- Unit-2 Furnished Description: Unfurnished
- Unit-1 Garage Spaces: 18
- Unit-2 Garage Spaces: 14
- Unit 1 Total Actual Rent: 4524
- Unit 2 Total Actual Rent: 7451
Amenities and Community Features
- Community Features: Biking, Curbs, Fishing, Gutters, Park, Sidewalks, Storm Drains, Street Lights
Other Property Info
- Source Listing Status: Active
- County: Los Angeles
- Cap Rate: 4.4
- Other Expense: 103243
- Source Property Type: Residential Income
- Insurance Expense: 24266
- Area: C14 - Santa Monica
- Source Neighborhood: C14 - Santa Monica
- New Taxes Expense: 342980
- Number of Separate Electric Meters: 29
- Number of Separate Gas Meters: 1
- Number of Separate Water Meters: 1
- Parcel Number: 4292026024
- Professional Management Expense: 45883
- Zoning: SMR3*
- Property Subtype: Apartment
Commercial Info
- Net Operating Income: 1294227
- Operating Expense: 5411092
Utilities
- Electric: Electricity - On Property
- Sewer: Public Sewer
- Electricity Connected
- Natural Gas Connected
- Sewer Connected
- Water Connected
- Water Source: Public
Building and Construction
- Year Built: 1961
- Building Features: 1
- Common Walls: 2+ Common Walls
- Construction Materials: Stucco
- Entry Level: 1
- Entry Location: 1
- Levels: Three Or More
- Property Age: 64
- Property Attached: Yes
- Property Condition: Updated/Remodeled
- Roof: Flat
- Levels or Stories: Three Or More
- Building Total Stories: 3
- Elevation Units: Feet
- Year Built Source: Assessor
