525 Santa Monica Blvd, Santa Monica, CA 90401 - Property for Sale
Available For Sale - Retail , Multifamily
52,954 SF
AVAILABILITY DETAILS
- Size
- 52,954 SF
- Price/SF
- N/A -
Contact for Info
- Listing ID
- SA489144
- Notes
- MEI Real Estate Services is pleased to offer a rare opportunity to acquire a state-of-the-art mixed-use property located at 525 Santa Monica Boulevard in Santa Monica, California. 525|SMB is an extremely well-located, Class A apartment community located in the heart of Downtown Santa Monica. Constructed in 2013, this 40-unit secured-access apartment building contains four stories of inviting living space above 3 ground-floor retail units. The property offers 3 levels of subterranean parking with convenient alley access, proximity to the new metro/expo line transit, and unbeatable access to the ocean, pier and downtown amenities. 525|SMB is at the core of an activity-filled, distinctly walkable neighborhood full of shops, restaurants, fitness studios, executive fitness clubs, luxury health spas, premium luxury retail, bars/lounges, service retailers, recreational outdoor facilities, beach clubs, and everything in between.
The continued addition of walkable retail establishments and hotel developments entering the Westside with the recent completion of the Downtown Expo light-rail development within less than 1/2 mile of 525|SMB will further enhance the resident experience and community in the coming years.
Averaging 889 SF per unit, the unit mix ranges from 622 SF – 877 SF one bedroom/one-bathroom units to 918 SF – 1,180 SF two bedroom/two-bathroom units that appeal to a broad spectrum of renters. 525|SMB’s desirable tenant mix includes 25 total one-bedroom/one-bath units and 15 two-bedroom/two-bath units, all with full-size balconies and/or decks, some totaling up to 300+ SF in additional size. Please see following pages for value-add opportunities at 525|SMB.
Currently 92% occupied, the residential market rents 525|SMB average $3,818* per month and are competitive within the submarket. The surrounding area boasts one of the densest renter populations with 77%+ of units being renter occupied within 1 mile of the property, while average priced homes and condos trade between $1,200/SF to $2,500/SF in the area. With an average annual household income within 3 miles of the Property in excess of $157,000+, 525|SMB appeals to live-work-play millennials that pay a premium to live in a building with ease of access to a multitude of shopping and entertainment venues. These demographics reflect the high concentration of excellent renters and heavy income present in the immediate surrounding market.
Thoughtfully well-appointed units and property features attract high-quality, live-work-play millennials seeking luxury and convenience in this upscale community. The asset has been held by the same ownership since construction and has been professionally managed by MEI Real Estate Services since construction and for many years prior to the mixed-use redevelopment. Situated on more than 1/3 of an acre at the corner of Santa Monica Blvd. and Sixth Street, the majority of the upper floor units and top floor penthouse units on the 5th floor enjoy sweeping city and/or panoramic mountain views with some units providing partial ocean views. These ultra high-end units have a luxury stacked washer and dryer in each unit, stainless steel Frigidaire appliances, white Caesarstone counter tops, dark or light wood plank vinyl flooring throughout, walk-in closets, custom solar shades, double-pane windows, and designer lighting throughout.
ACCESS OM HERE: http://www.meirealty.com/propert...
- Uses
- Retail
Multifamily
Other Availability in this Property
3D Tour Available
This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for you needs.
Listing provided courtesy of
Chelsea Novelli, MEI Real Estate
BRE# 01100993
Chelsea Novelli, MEI Real Estate
BRE# 01100993
