525 Santa Monica BoulevardSanta Monica, CA 90401
Total Building Area48,601 SF
Total Lot Size14,979 SF
Metro Proximity4 blocks
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 also features 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, trendy hotels, recreational outdoor facilities, beach clubs, and more.
The continued addition of walkable retail mixed-use 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) one-bedroom/one-bath units and (15) two-bedroom/two-bath units, all with full-size balconies and/or decks, some decks totaling up to 300+ SF in additional square footage. Please see following pages for value-add opportunities at 525|SMB.
With the multifamily segment currently at 100% occupancy, 525|SMB market rents average $4,055* per month and are competitive within the submarket. The surrounding area boasts one of the densest renter populations with 73% of units being renter occupied within 1 mile of the property, while average priced townhomes and condos trade between $1,100/SF to $1,600/SF in the area. With an average annual household income within 3 miles of the property in excess of $178,900, 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, dining and entertainment venues. These demographics reflect the high concentration of excellent renters and heavy income present in the immediate surrounding rental and retail 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 of land at the corner of Santa Monica Blvd. and 6th 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 apartments have a luxury stacked washer in each unit, stainlesssteel Frigidaire appliances, white Caesarstone counter tops, dark or light wood plank vinyl flooring throughout, walk-in closets, custom solar shades, double-paned windows and designer lighting throughout.