Today is an amazing day as we have an ultra rare opportunity to put in front of our investors.
We're going to the ultra exclusive and premier neighborhood in Santa Monica, North of Montana!!!
Property Details:
3226 sf 5/4 (6/3 on tax)
7500+ sf lot
2 car detached garage
Alley access
Spanish style
Pros:
Super exclusive area (NOMA)
Straightforward rehab and already super functional layout
A ton of opportunity to add value
Great part of the street
Houses around us look amazing
400k below MLS price
Amazing schools including highly coveted Franklin Elementary (10/10 on greatschools.
org)
Negatives:
Curb appeal
Needs an update to the facade
On 17th
17th is busier south of Montana.
Where the subject property is located, there are no yellow lines and we are in a very quiet residential location.
17th ends at San Vicente right there so there's no "through traffic" coming from either direction.
Comps:I included 2 comps in the packet.
Both are similar in total size and lot size.
There's also a 3rd that I didn't include in the packet but I mentioned below.
Based on what I'm seeing, the comps are showing us to be worth 6M+.
451 16th St has a pool but the SF is made up of a 2500 sf main house and 600 sf between a few other living areas (pool house, etc).
The other comp, 369 22nd St, is a bit bigger, further back in the neighborhood, but doesn't have a pool.
There's another comp at 520 15th street not included in the packet that was recently taken off the market due to the owner having personal problems that, according to the agent, was getting offers between 6.
2-6.
6.
That property was purchased for 4.
375 last year and the "'before" pictures show the property was in very similar condition as this one is currently.
Rehab: The property already has multiple ensuite bathrooms so the layout is primed and ready to go for a high end flip.
I'd take out a few walls in the front of the house downstairs to open the kitchen up to the dining room but other than that, everything is very straightforward.
Based on my conversation with the team on 520 15th St, the rehab should be similar with the high end finish outs coming out to roughly 500k, this would include the smooth stucco on the exterior.
Adding a pool will run an extra 60k-100k with additional SF and/or an ADU/guest house adding more to the costs but also adding significantly to the value.
David 424-256-021SIXXXXXXxx
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