1045 Ocean Ave
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1045 Ocean Ave. SANTA MONICA, CA 90403 Ocean view Apartment in Downtown Santa Monica (20-UNITS) 7 units are vacant and will be delivered VACANT Private Tours are available! True Value-Add, High Proforma CAP Exclusively Listed by: Han Widjaja Chen, CCIM Dir 626.594.4900 [email protected] 1045 Ocean Ave. SANTA MONICA, CA The Growth Investment Group Table of Contents Han Widjaja Chen, CCIM Leo Shaw SECTION 01. EXECUTIVE SUMMARY President Vice President Investment Highlights Dir 626.594.4900 | Fax 626.316.7551 Dir 626.716.6968 [email protected] [email protected] Summary Broker License No. 01749321 Broker License No. 01879962 Executive Summary Justin McCardle Spencer Rands Aerial Photos Vice President Vice President Property Photos Dir 909.486.2069 Dir 949.303.0290 Walkscore Map [email protected] [email protected] Regional Map License No. 01895720 Broker License No. 01388490 Local Map Matthew Guerra Arin Gharibian Amentities Map Broker Associate Senior Associate Parcel Map Dir 626.898.9740 Dir 310.919.6655 [email protected] [email protected] License No. 02022646 License No. 01946372 SECTION 02. FINANCIAL ANALYSIS Financial Analysis Jeanelle Mountford Broker Associate Marc Schwartz Rent Roll Dir 626.898.9710 Senior Associate [email protected] [email protected] License No. 01515007 SECTION 03. MARKET OVERVIEW License No. 01737872 City of Santa Monica Ryan Yip Jackelyn Sutanto Demographics Broker Associate Marketing Associate Dir. 626.898.7290 Dir. 626.594.4901 [email protected] [email protected] License No. 02087685 DISCLAIMER AND CONFIDENTIALITY AGREEMENT: This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of: 1045 OCEAN AVE, SANTA MONICA, CA (“Property”). This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Owner or the Property, to be all-inclusive or to contain all or part of the information that prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition, and other factors beyond the control of the Owner and Growth Investment Group. Therefore, all projections, assumptions, and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. Neither the Owner nor Growth Investment Group, nor any of their respective directors, officers, affiliates, or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time, with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered, and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived. By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or Growth Investment Group. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or Growth Investment Group. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to Growth Investment Group. HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 2 01. Executive Summary PAGE 3 1045 Ocean Ave. SANTA MONICA, CA Investment Highlights • IRREPLACEABLE LOCATION! Considered as one of the • Several units have been updated best locations for an apartment in Southern California! • Several units have ocean view, private deck area • Seven (7) units will be delivered vacant at close of • 6 garage parking in the back escrow! • Rooftop Penthouse unit with sweeping ocean view and • Once in a lifetime opportunity for any investor to acquire private sundeck one of the best located apartment buildings in Southern • Main electrical panel that is connect to incoming service California was upgraded in 2017 • Ocean view for many units! The top unit is a penthouse • Units are bright and have functional layouts with ocean unit with a private sundeck which enable the tenants in breeze through many windows the unit to enjoy a breathtaking ocean view! • Walking distance to Santa Monica state beach, Santa Monica Pier, Downtown Santa Monica Third Street Promenade, Downtown Santa Monica Metrolink light rail station, Santa Monica Farmers Market, restaurants, shopping, clubs, and ALL the best amenities City of Santa Monica has to offer! • Strong demographics of ±$143,040 average household income within a 3-mile radius • Significant rental upside potential! High Proforma CAP Rate • There is no loan encumbering the property; Seller may carry Property Highlights • Favorable unit mix for a rent control area • R3 zoning, surrounded by properties of much higher density HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 4 1045 Ocean Ave. SANTA MONICA, CA Summary Subject Property: 1045 Ocean Ave. Santa Monica, CA 90403 Year Built: 1922 Building Area: 15,005 SF Lot Size: 11,260 SF Assessor’s parcel number: 4292-027-011 Zoning: R3 Number of Units: 20 Unit Mix: 4 x 2B + 1B 1 X 2B + 2B 7 x 1B + 1B 7 x Studio 1 x Penthouse 1B + 1B 1 x small office (ocean view) Parking Spaces: 6 garage spaces (4 are assigned) Proforma CAP Rate: 4.55% Proforma GRM: 15.19x Additional Information: 1. Property is under Santa Monica rent stabilization ordinance (rent control) 2. Seven (7) units will be delivered vacant. Unit#: 1, 5, 6, 8, 9, 14, 17. Last long-time tenant moved out at the end of October 2020 (#1). HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 5 1045 Ocean Ave. SANTA MONICA, CA Executive Summary The Growth Investment Group is proud to present 1045 Ocean higher density residential properties on its left and right. Unit mix Ave, Santa Monica. Steps from the beach in Santa Monica and consists of four (4) 2bedroom+1bathroom, one (1) 2bedroom + walking distance to some of the best amenities in Santa Monica 2bathroom, seven (7) 1bedroom+1bathroom, seven (7) studio, (world-famous Santa Monica Beach, Santa Monica Pier, Santa and one (1) penthouse-1bedroom+1bathroom. The property is Monica Third Street Promenade, etc.), 1045 Ocean Avenue offers master metered for electricity, gas and water. It is under Santa investor a once-in-a-lifetime opportunity to own an apartment Monica Rent Stabilization Ordinance (rent control). It has a shared asset in a truly irreplaceable location that could be considered as laundry room. Several units have been upgraded and six units can one of the best location in Southern California. be delivered vacant at close of escrow. Parking is provided by 6 garage parking in the back (alley 1045 Ocean Ave is a 20-unit access). apartment in Downtown Santa Monica. It is located on Ocean LOCATION, ACCESS AND Ave between California Ave and AMENTITIES Washington Ave. It is located Santa Monica is home to a a block away from Third Street diverse group of people with an Promenade on Wilshire Blvd, across eclectic and energized vibe. The the street from Palisades Park that location is a Perfect Paradise offers unobstructed ocean view located near every desire and of Pacific Ocean, Santa Monica convenience. Tenants can enjoy Beach, Santa Monica Pier and an active California lifestyle in the Southern California coastline. It is infinite outdoor and indoor activity within walking distance to all the opportunities. Palisades Park and best amenities Santa Monica has to the white sandy beach are among offer, including Metrolink light-rail station on Colorado Ave. It has the play grounds afforded residents. World-famous Santa Monica a strong demographics of $143,000 average household income pier and Third Street Promenade are on within walking distance, within a 3-mile radius and has superb access to FWY 10 and CA- complete with unique entertainment options, dining and shopping 1N (Pacific Coast Highway) is a street away. (http://www.downtownsm.com/business-directory ). The property is a 2-1/2 story apartment that was built in 1922. It has a total of ±15,005 square feet building size (per profile) and situated on a ±11,260 square feet R3 lot. It is surrounded by much HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 6 1045 Ocean Ave. SANTA MONICA, CA Executive Summary When it comes to food and entertainment, this location offers some of the best in Southern California.