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… Read More 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. Read Less
Property listed by Marcus & Millichap, Neema Ahadian 310-259-7556
Listing Snapshot
Days Online
3
Last Updated
Beds
10
3/4 Baths
10
Square Ft.
6,812
Lot Size
0.17 Acres
Year Built
1957
MLS Number
26989859
Additional Details
Building
Built in 1957, Living area: 6812.0, 1 building, 2 stories, Levels: Two
Cooling
None
Heating
None
Income
Gross Income: $228,867, Net Operating Income: $150,809
Lot
0.1721 acres, Dimensions: 50x150
Parking
10 total parking spaces, None
Taxes
Parcel Number: 4282021007, Zoning: SMR3*
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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