2302 Oak Street, Santa Monica, California 90405, Santa Monica, 90405 - bed, bath

2302 Oak Street, Santa Monica, California 90405 home-pic-0

2302 Oak Street

Santa Monica, California 90405

ACTIVE
CONDITION: FAIR
0Beds
0Baths
9,109Sq Ft
8,287Lot Size

Property Price

LIST PRICE$3,950,000

SUMMARY

Analysis of 2302 Oak Street, Santa Monica, California 90405 is currently available with a list price of $3,950,000. The property maintains a Fair Condition Rating (50/100), suggesting the property is in acceptable condition with potential for value enhancement through selective updates and improvements. Located in a high-demand neighborhood within the Santa Monica Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for both Buy-and-Hold Investors and Owner-Occupants willing to undertake light renovation work.

Condition Analysis

OVERALL CONDITION SCORE

Fair
TeardownExcellent

Property is moderate renovation needed.

Built in 1965, this multifamily property presents a mixed condition. While two of the seven units have recently undergone substantial upgrades, featuring modern kitchens, updated bathrooms, and new flooring, the majority of the units still require significant renovation. The unrenovated units display dated kitchens with older white appliances, tile countertops, and basic lighting, along with bathrooms featuring older vanities and fixtures. Flooring in these units is a mix of older tile and hardwood. The property is aged but appears maintained and functional, without immediate safety or structural concerns, but the explicit need for 'full renovation' in most units to achieve market rents places its overall condition in the 'Fair' category.

PROSSTRENGTHS & OPPORTUNITIES

  • Prime Location & Demand Drivers

    Situated in a highly desirable Santa Monica location, moments from major employers (Snap, Hulu) and Santa Monica College, ensuring a robust and consistent tenant pool.

  • Exceptional Long-Term Appreciation

    Positioned to significantly benefit from the Santa Monica Airport Conversion Project, promising substantial neighborhood enhancement and asset value growth by 2028.

  • Significant Rent Upside Potential

    Current rents are below market, offering a new owner substantial opportunity to increase income through natural turnover and strategic renovations.

CONSRISKS & DEFICIENCIES

  • Age of Property & Potential for Deferred Maintenance

    Built in 1965, the property may have aging infrastructure and systems, with only two units recently upgraded, indicating potential for significant capital expenditure on the remaining units.

  • Required Capital Investment for Full Potential

    While offering rent upside, achieving market rents across all units will necessitate further substantial renovations for the majority of the property, requiring additional capital outlay.

  • Current Below-Market Rents

    The immediate income generation is constrained by current below-market rents, requiring active management and investment to realize the full income potential.

About 2302 Oak Street

Beautifully situated in a prime Santa Monica location, this seven-unit multifamily property lies just moments from the Santa Monica Business Park—home to major employers such as Snap, Hulu, Crexi, and Naughty Dog—and only a few blocks from Santa Monica College, which serves more than 26,000 students and faculty. The property is also positioned to benefit from the Santa Monica Airport Conversion Project, a city-led initiative that will permanently close the airport by 2028 and transform the surrounding area into expansive parks, open space, and new community amenities. This once-in-a-generation redevelopment is expected to significantly enhance neighborhood quality, elevate desirability, and support long-term rental and asset value growth. Built in 1965, the asset offers approximately 9,109 square feet of living area on an 8,287-square-foot lot, featuring an exceptional unit mix of three 2-bed/2-bath units, three 3-bed/2-bath units, and one 4-bed/3-bath townhouse-style front unit. All units provide spacious layouts and ample storage. The building is separately metered for gas and electricity, includes an on-site laundry room, and offers five units with in-unit laundry—highly desirable amenities that support premium rent potential. Seven parking spaces, including four gated stalls, provide added security and convenience. Two units have recently undergone substantial upgrades, including new flooring, renovated kitchens with gas appliances, updated bathrooms, modern lighting, and in-unit laundry. These improvements reduce deferred maintenance, enhance tenant experience, and strengthen long-term operating performance. With current rents still below market, a new owner will benefit from meaningful upside through natural turnover and full renovation of remaining units. Delivering immediate income, strong future rent growth, and extraordinary long-term appreciation potential supported by the airport conversion, this offering represents a rare opportunity to acquire a turnkey multifamily asset in one of the Westside’s most desirable and consistently high-demand rental markets.

Property Details

Public Facts

Property Type
Mixed Use
Year Built
1965
Lot Size
8,287 Sq. Ft.

Interior

Total Bedrooms
-
Total Bathrooms
-

Exterior & Parking

No exterior & parking available.

Utilities & Misc

HOA Fee
$0 / Month

Neighborhood Insights

Sensitive Facilities

No sensitive facilities data found.

Neighborhood Comparison

FeatureSubjectAverage HomeNeighborhood Ranking (50 Listings)
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Built year1965-
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Pricing History

Listed for Sale

Dec 9, 2025

$3,950,000

Initial Listing

Sold

Jun 1, 2006

$1,690,000

Public Record

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