$3,100,000

The subject property (Lincoln Park Apartments) is a Classic 1950's two story walkup apartment building with 10 units. There are 3 two bedroom units, 5 one bedroom units, and 2 Studio apartments. The property features a gated central courtyard for access to the common area and entry for all of the units. There is a laundry room on site and 7 parking garages, in addition to the front parking area for 3 more vehicles. Future potential for ADU conversion of the garages. The units are subject to City of Santa Monica Rent Control and all units are below market with upside in rental income as units turnover. The property is in one of the most desirable areas of Santa Monica, just north of Wilshire Boulevard across from beautiful Reed Park which encompasses a full city block and has picnic tables, benches, basketball courts, public and private tennis courts. This quiet apartment complex is a short walk or bike ride to, 3rd Street Promenade with it's many shops and restaurants, the park along Ocean Avenue, Santa Monica State Beach, and The Santa Monica Pier. Properties in this area rarely become available, and are in high demand.