Multifamily

Commercial Real Estate

WESTMAC COMMERCIAL BROKERAGE COMPANY ARRANGES SALE OF $4 MILLION SANTA MONICA APARTMENT COMPLEX


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WESTMAC Commercial Brokerage Company has arranged the sale of 2823 2nd Street, a 12-unit apartment complex in Santa Monica, for $4,000,000.

2823 2nd Street is situated on ± 13,063 square feet of land at the northeast corner of Ashland Avenue and 2nd Street in the Ocean Park neighborhood of Santa Monica.  The 12-unit apartment complex features approximately 7,407 square feet of improvements comprised of eleven 1-bed, 1-bath units, and one studio apartment.

This was an estate sale. The buyer, Vectra Management Group, purchased the property as part of a 1031-exchange.

“Vectra has an excellent track record and showed interest right away,” said T.C. Macker, CCIM. “It’s a great addition to their growing portfolio.”

T.C. Macker, CCIM and Jennifer Moscoso of WESTMAC Commercial Brokerage Company arranged the transaction.

About WESTMAC Commercial Brokerage Company

WESTMAC Commercial Brokerage Company is a Los Angeles based commercial real estate brokerage firm founded in 1988 by one of L.A.’s most recognized commercial real estate brokers Timothy C. Macker. Our firm is a full-service real estate company that provides exemplary consultation, advisory and marketing services to property owners, users, developers and investors. From 2001 until 2018, the company was affiliated and a franchisee of Coldwell Banker Commercial before returning to its roots, as WESTMAC Commercial Brokerage Company.

Our 30+ professionals specialize in four distinct market niches: office, industrial, retail and multi-family properties. Among the primary services the firm provides are exclusive marketing of both for-sale and for-lease properties, representation of tenants seeking to lease commercial space, and consultation to real estate investors, developers and owners on the disposition or acquisition of commercial property.

Our standard is “The client’s best interest must be the guiding force behind all services.”

Commercial Real Estate

WESTMAC COMMERCIAL BROKERAGE COMPANY ARRANGES SALE OF $6 MILLION MULTIFAMILY PROPERTY IN BURBANK, CA


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Burbank – 2001 Grismer Avenue, a 14-unit apartment building in Burbank, has sold for $6,000,000.

2001 Grismer Avenue is located on the corner of Grismer and Peyton Avenues, less than one tenth of a mile west of S. Glenoaks Boulevard. The property is comprised of ± 11,334 square feet of improvements on ± 10,895 square feet of land. All fourteen apartment units are made up of two bedrooms and two baths. The property sold for $428,571 per unit at 3.88% cap rate, and 18.27 GRM of 18.27. There were no vacancies at the time of sale.

“The proximity to several major area employers, such as Disney Studios and Warner Brothers, makes this a highly desirable rental market,” said T.C. Macker.

WESTMAC Commercial Brokerage Company represented both seller and buyer. T.C. Macker, CCIM and Jennifer Moscoso represented the seller. T.C. Macker, CCIM and J. Patrick Sheekey represented the buyer.

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Commercial Real Estate

Just Listed: 2823 2nd St., Santa Monica, CA 90405 | Multifamily | 12 Units in Santa Monica | $363K/Unit


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WESTMAC Commercial Brokerage Company, as exclusive agent, is pleased to present the sale of 2823 2nd Street in Santa Monica, a 12-unit apartment building on the NEC of 2nd Street and Ashland Avenue, blocks from the Pacific Ocean, in the Ocean Park neighborhood of Santa Monica.

The building is approximately 7,407 square feet situated on approximately 13,063 square feet of land. It is comprised of twelve (12) units: eleven (11) one bed + one bath apartments and one (1) studio apartment (buyer to verify). The building is subject to City of Santa Monica rent control. Currently, two (2) out of twelve (12) units have been deliberately left vacant. There are nine (9) small garages on the property that are used by tenants as storage.

2823 2nd Street is located in Santa Monica’s Ocean Park neighborhood, one block east of Main Street, and approximately 3 blocks east of the beach. Santa Monica’s Ocean Park neighborhood offers picture perfect sunsets and world class shopping, dining and entertainment all a short walk from the subject property. The property is situated approximately 1.1 miles south of the I-10 Freeway, Downtown Santa Monica’s Light Rail Station, and Downtown Santa Monica’s unparalleled amenity base.

Historically low vacancy rates make Santa Monica one of the most stable rental markets. 2823 2nd Street is a rare opportunity for investors looking to purchase commercial real estate in one of the most coveted markets in the world.

View property brochure here.

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Commercial Real Estate

New Listing for Sale – 2245-2251 Westwood Blvd in Los Angeles, CA


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WESTMAC Commercial Brokerage Company, as exclusive agents, are pleased to present for sale, 2245-2251 Westwood Boulevard in West Los Angeles. 2245-2251 Westwood Boulevard is situated on one parcel, and is comprised of one single-story retail building, and one two-story mixed-use building.

The retail building, which has 40’ of frontage on Westwood Boulevard, is approximately 1,800 square feet, is currently subdivided into two spaces, but occupied by a single tenant. The mixed-use building is set behind the retail building, separated by 5 tandem parking spaces (10 total).

The mixed-use building is comprised of four units totaling approximately 2,600 square feet. The bottom floor of the building is approximately 1,400 square feet and will be delivered leased (lease pending). The top floor of the building is divided into two residential units (each 1 bedroom, 1 bath) of about 600 square feet each, separated by a main stairway. They are occupied by one long term tenant and one new tenant (lease pending).

The parcel is zoned LAC4 and a TOC (Transit Oriented Communities) Tier 3 which allows for greater development potential for developers looking to build in a revitalizing area. They property is located one-quarter mile from One Westside, the site of a former shopping mall which is being converted into nearly 600,000 square feet of offices, which Google has pre-leased.

2245-2251 Westwood Boulevard offers buyers the opportunity to purchase
on Westwood Boulevard, a street best known for it’s ample retail amenities
within a densely populated part of West Los Angeles.

You can download the property brochure here: 2245-2251 Westwood Ave – OM

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Commercial Real Estate

New Listing for Sale – 2001 Grismer Ave in Burbank, CA


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WESTMAC Commercial Brokerage Company is pleased to present 2001 Grismer Avenue for sale, a 14-unit multi-family asset located in the premiere, family-friendly City of Burbank, CA.

2001 Grismer Avenue is a two-story apartment building comprised of approximately 11,334 square feet situated on approximately 10,895 square feet of land. There is a subterranean parking garage with two dedicated parking spaces per unit
(28 total). The property is zoned R4.

There are a total of 14-units in the building. The building is fully occupied with the exception of one unit, which is currently being rehabbed. The current rents range from $1,750 – $2,090 per month with scheduled increases.

The property is located in Burbank, which is a highly desirable rental market and is known as “the media capital of the world”. It is home to Disney Studios, Warner Brothers, and a number of other large area employers. The city has over 80 restaurants, 30 theaters ,and 200 stores; its residents enjoy top ranked schools, easy access to the 5 and 134 freeways, and close proximity to Bob Hope Airport, Burbank Empire Center, Downtown Burbank, and Burbank Metro Link.

2001 Grismer Avenue provides buyers with stable cash flow and a strong long-term hold opportunity in a prime Burbank location.

You can download the property brochure here: 2001 Grismer Ave – OM

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