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PRIVATE PROPERTY. DO NOT DISTURB TENANTS. Tours by appointment only. Contact James Keady at 310 550 2615 or james.keady@cbre.com for more information. 1618 Berkeley Street in Santa Monica offers a unique opportunity for a variety of buyers, from families seeking access to top-rated public schools to those working from home and/or those looking to enter the multifamily investment business. Now vacant and ready for either an owner occupier or lease-up is a charming two-bedroom, one-bath unit with a peaceful rear patio and private access to a secured garage stall. The unit also features in-unit laundry, excellent light, and an additional dedicated uncovered parking space. Income from the two additional units can help offset living expenses and potentially support a mortgage. Families will appreciate the proximity to excellent public schools within the Santa Monica Malibu Unified School District, while investors can benefit from the income potential and the flexibility of owning a three-unit property in a premier rental submarket. What sets this property apart is the opportunity for an owner-occupier to apply for an exemption from city rent control, providing greater control over property operations and future income potential. The front structure features 1,823 square feet of living space, including a two-bedroom, one-bath unit and two one-bedroom, one-bath units, along with a shared laundry room. The detached rear garage offers three lockable single-car stalls, plus additional uncovered parking spaces, totaling five spaces. Located between Colorado Avenue and Pennsylvania Avenue, 1618 Berkeley Street benefits from its proximity to major employers, top schools, and vibrant cultural attractions. Within walking distance are the Bergamot Station Arts Center, local dining, and easy access to the beach and popular shopping destinations like 3rd Street Promenade. With nearby transit options, commuting throughout Greater Los Angeles is a breeze. For investors, the property offers a significant value-add opportunity, with potential for rent increases upon tenant turnover or unit renovations. The detached garage could also be converted into a 580-square-foot Accessory Dwelling Unit (ADU), further enhancing revenue potential. With rents approximately 21% below market, there's strong potential for immediate returns. Whether seeking a place to live, a business opportunity, or both, 1618 Berkeley Street offers the perfect combination of location, income potential, and long-term growth. This is an outstanding chance to own a piece of Santa Monica real estate in a prime location. You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.
Property Type(s):
Residential Income
| Last Updated | 3/8/2025 | Year Built | 1953 |
|---|---|---|---|
| Community | Santa Monica | Garage Spaces | 3.0 |
| County | Los Angeles |
SCHOOLS
| School District | Santa Monica-Malibu Unified |
|---|
Additional Details
| AIR | None |
|---|---|
| APPLIANCES | Disposal, Dryer, Refrigerator, Washer |
| AREA | Santa Monica |
| GARAGE | Assigned, Garage, Garage Door Opener, Yes |
| HEAT | Floor Furnace |
| INTERIOR | Ceiling Fan(s) |
| LOT | 5861 sq ft |
| PARKING | Assigned,Garage,Garage Door Opener |
| STORIES | 1 |
| ZONING | SMR2* |
Location
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Listed with CB Richard Ellis, Inc.
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