Ocean Santa Monica Apartments 901 Ocean Avenue

On behalf of Douglas P. Wilson, Court Appointed Receiver, CBRE is pleased to exclusively present Ocean Santa Monica Apartments, a generational opportunity to acquire a coastal bluff asset along one of the most tightly held stretches of Ocean Avenue in Santa Monica. Positioned between Montana Avenue and Wilshire Boulevard, 901 Ocean Avenue commands sweeping Pacific Ocean and Santa Monica Mountain views from the majority of the units, with all west-facing residences enjoying full, unobstructed ocean exposure and numerous additional units capturing direct water views.

Ocean Avenue north of Wilshire is defined by long-term ownership and limited multifamily inventory. Apartment assets along this corridor rarely trade, reinforcing the enduring scarcity of the location. Situated on an expansive ±15,011 square foot double lot and encompassing approximately ±30,954 square feet of improvements, the scale, frontage, and bluff-top positioning create a coastal offering that is increasingly difficult to replicate under today’s regulatory and development constraints.

Originally constructed in 1961 and 1970 and comprehensively renovated in 2015, 2021, and 2022, the 28-unit property features 18 one-bedroom/one-bathroom units and 10 two-bedroom/two-bathroom units. The residences are notably spacious relative to newer coastal product, allowing flexibility for continued interior enhancement at a higher finish level. Most units offer ocean views, and most residences include more than one private balcony, providing meaningful outdoor space that is highly valued by Santa Monica renters.

The building has been carefully maintained, including updated electrical systems and copper plumbing. Common area laundry rooms are located on each floor and are currently not operated for additional income. One unit is equipped with in-unit laundry, and a future owner may consider a coordinated upgrade program incorporating in-unit washer and dryer installations alongside further interior refinements to strengthen positioning within the submarket.

The property is achieving strong in-place rents, reflecting prior capital improvements and sustained coastal demand. Based on current market conditions, in-place rents across the building present approximately ±20 percent upside without assuming additional renovation. Under Santa Monica Rent Control, rents may be reset to market upon vacancy and thereafter are subject to allowable annual increases. This structure provides a measured path to revenue growth through natural turnover, with additional potential available through strategic interior upgrades. Select furnished units have achieved premium rents, demonstrating further optionality without reliance on aggressive underwriting assumptions.

The property is supported by controlled access entry, gated garage parking with 33 spaces, a rooftop ocean-view deck, pool and common gathering areas, elevator service, and a glass-enclosed entry sitting room that creates a strong first impression upon arrival. These features, combined with the property’s scale and ocean frontage, support durable tenant demand and long-term stability.