1507 Berkeley St, Santa Monica, CA 90404

Description

1507 Berkeley Street presents a rare opportunity to acquire a boutique 7-unit multifamily property in an A+ Mid-City Santa Monica location adjacent to Brentwood. Built in 1964, this attractive two-story property combines the privacy and residential feel of 6 townhomes and 1 single story unit living with oversized two- and three-bedroom floor plans in one of the Westside's highest-demand coastal rental markets. The property is part of an A+ located, five-building Westside portfolio totaling 60 units, available for acquisition individually or together as a portfolio.A defining feature of 1507 Berkeley Street is six of the seven units are two-story townhome-style designs, with each of those residence benefiting from its own separate, private ground-level entrance, and select units featuring private outdoor patios. The property offers an exceptional unit mix consisting entirely of large two- and three-bedroom residences averaging approximately 1,106 square feet per unit, including one 3BR/1.5BA unit, five 2BR/1.5BA units and one 2BR/1BA unit. These spacious floor plans, combined with private entrances and select outdoor space, provide a compelling alternative to traditional apartment living.The property offers approximately 40% remaining rental upside, creating a significant opportunity for new ownership to increase income as units turn and rents are repositioned over time, within a supply-constrained coastal market.Additional property features include separately metered gas and electric, on-site parking consisting of a 2-car garage, (2) driveway spots and (5) covered spaces, and a completed seismic soft-story retrofit.Located in the heart of Mid-City Santa Monica and immediately adjacent to Brentwood, the property offers residents exceptional access to both communities. 1507 Berkeley Street is within walking distance of Erewhon, Bristol Farms and the restaurants, retail and nightlife along Santa Monica Boulevard, with convenient access to the beach, Downtown Santa Monica, West Los Angeles and the broader Westside.Note: The other properties comprising the five-building Westside portfolio are 1833 Westholme Avenue (16 units), 1811 S. Bentley Avenue (15 units), 1524 Granville Avenue (10 units), and 1518 & 1524 12th Street (12 units). The properties are available for acquisition separately or together as a portfolio.