7,500+ sq. ft. lot, 6,000+ sq. ft. living space. Closest income property to the beach in LA County with peak of ocean view! 7-unit, 2-building complex in highly-desirable Ocean Park area only blocks from world-famous Santa Monica beach. Major renovation 2003, plus remodeled and renovated in 1988, 1991 and 2004 to conform to codes. Low maintenance, tenants pay own gas, electricity, and hot water use, and tenants pay for outside lighting. No house lights bill. In excellent condition w/newer copper plumbing, electric wiring, roof, premium paint job, gutters and spouts. Steps to world-class restaurants & shopping. Pools and tennis close by, as are local theater and well-known library. NOTE TO BUILDERS: According to seller, potential to add 2,000 sq. ft. of living/parking space to generate additional income and to build up one level. Oil, gas and mineral property rights. Shuttle to Third Street Promenade and Santa Monica Mall. Access to Blue Bus and RTD. Very well maintained, 6 of 7 units have own gas/water meter; all 7 have own water heater. All offers will be accepted and presented.

Location Description:

Excellent schools and only blocks from world-famous Santa Monica and Venice beaches. Walk to great number of restaurants, shopping, and entertainment venues. There are 2 buildings, so perfect for large families. Ocean Park is a prime location, and there is an ocean view from the top unit. Rent control applies, but units are rented at close to market rates. Major renovation 2003, plus remodeled and renovated in 1988, 1991 and 2004. Perfect for owener occupied, retirement. House handicap accessible.

- Prime Santa Monica Ocean Park Location (Location, location, location)

- Low maintenance

- Seller claims room to build for additional income

- Walking distance to World-Class Shopping, Dining, and Entertainment (Main Street 2 blocks away)

- Close to PCH and Interstates 10 and 405

- Mild climate with cool ocean breezes

- Will participate in 1031 exchange

Pro Forma #'s Provided By Seller

GSI: $176,700

Parking Income: $5,400

GOI: $182,100

Expenses: $38,844.00

Expenses/Unit: $5,549.14

Expe nses /SF: $6.74

NOI: $143,256

Cap Rate 4.34%

GRM 18.68

Assumption: $1,750,000 30-Year Fixed Loan @ 6.5% Amortized

Payment: $11,061.19/Month

DCR: 1.079