Property Details.

Year Built 1968

# of Units 15 & 1 Guest Room

Price P/ Unit $730,000

Sq. ft. 15,683 SF

Price p/ Sq. ft. $698

Current Cap Rate 3.12%

Proforma Cap Rate 5.05%

Lot Size 12,424 SF

Zoning LAR3

6615 Pacific Avenue
Playa del Rey, CA 90293

About the Property

This phenomenal beachfront 15-unit apartment complex represents an opportunity to acquire a once-in-a-lifetime asset located in the tranquil beach community of Playa del Rey. The 15,683 SF two-story building sits on a 12,424 SF lot, and is comprised of (10) large two-bedroom and two bath units, (4) large one-bedroom and one bath units and (1) spacious three-bedroom and two-and-a-half bath ocean view penthouse. Most units have gorgeous partial or full ocean views. 6615 Pacific offers a significant value-add opportunity to potential investors, as current rents are approximately 38% below market value for nicely remodeled units in the area. The well-maintained building features a heated pool, outdoor beachside patio, gated subterranean parking, and new roof and windows installed in 2016. Please note, seismic retrofitting has been completed.

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