New Listing
1434 15th Street,Santa Monica, CA 90404
Santa Monica, CA 90404
Description
We are pleased to present 1434 15th Street, a 10-unit multifamily asset in Santa Monica's Mid-City neighborhood, one of the Westside's strongest and most consistent rentalmarkets.Built in 1957, the property is comprised entirely of ten 1-bedroom/1-bathroom units at approximately 650 square feet each, a clean, homogenous unit mix that simplifies underwriting,leasing, and ongoing management for the incoming owner. Several units have been extensively renovated with granite countertops, brand new appliances, new flooring, and freshpaint, including two units that are currently vacant and delivered at close of escrow, giving an incoming owner immediate, turnkey units to lease at market rents from day one. Current rents average $2,007 per unit against achievable market rents of $2,500 per unit, representing approximately 25% rental upside as the remaining below-market tenancies turn over, a compelling value-add story reflected in a current cap rate of 5.80% growing to a 7.85% pro forma cap rate. The building's exterior facade has just been freshly repainted, enhancing curb appeal and signaling pride of ownership while reducing near-term deferred maintenance exposure for the next owner. The property is fully parked, offering six spaces in the rear plus additional spaces at the front of the building, along with private garages fronting the street that are currently used for storage and present potential ADU conversion upside (buyer to verify with the City of Santa Monica). On-site laundry machines provide ownership with an ancillary income stream, and new electrical sub panels have been installed in select units, further reducing near-term capital exposure for the next owner. Mid-City is the second most walkable neighborhood in Santa Monica, carrying a Walk Score of 92, and sits a short distance from the Metro E Line at 17th St/SMC, Santa Monica College, and the retail and dining corridor along Wilshire Blvd, with the beach just over a mile away. This combination of transit access, daily amenities, and coastal proximity drives persistent tenant demand and low vacancy throughout the submarket.
Details
| MLS # | 26989859 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1957 |
| Days On Site | 4 |
| Listing Provided By | Marcus & Millichap | Neema Ahadian |
Features
| Bed(s) | 10 |
|---|---|
| Bath(s) | 10 |
| SQ Feet | 6,812 |
| Story(s) | 2 |
| Units | 10 |
| Building(s) | 1 |
| Zoning | SMR3* |
| Acreage | 0.17 |
Interior
| Cooling | None |
|---|---|
| Heating | None |
| Heating Yes / No | No |
| Cooling Yes / No | No |
Parking
| Parking Features | None |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Santa Monica |
| Zip Code | 90404 |
| Area | C14 Santa Monica |
| Listing VS Median (in 90404) | |
Price: $2,600,000 low | high Med: $2,375,000 sqft: 6,812 low | high Med: 5,809 $ / sqft: $382 low | high Med: $458 On site: 4 low | high Med: 29.5 | |
Market Activity 90404
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Santa Monica |
| Zip Code | 90404 |
| Area | C14 Santa Monica |
| Listing VS Median (in 90404) | |
Price: $2,600,000 low | high Med: $2,375,000 sqft: 6,812 low | high Med: 5,809 $ / sqft: $382 low | high Med: $458 On site: 4 low | high Med: 29.5 | |
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