1427 15Th St Santa Monica, CA 90404

• July, 2024

• Jul 31, 2024

  Date

  Expired

  CRMLS: 23310071

  $2,450,000

  Price

• Jan 22, 2024

  Date

  Active

  CRMLS: 23310071

  $2,775,000

  Price

• Listing provided courtesy of CRMLS

  PRICE REDUCED FOR FAST SALE! We are pleased to present 1427 15th Street, a 10 unit apartment building in Santa Monica. Eight of the 10 units are deed-restricted to 30% AMI affordability, limiting rent levels on those 8 units to $832 for 1 bedroom units and $988 for 2 bedroom units. However, unit 4 (2 bed 2 bath) and unit 10 (3 bed 2 bath) are NOT deed-restricted and can be leased out at MARKET rents. Both of the market rate units have been taken down to the studs and will be delivered vacant creating the perfect opportunity for a new owner to customize to their own specifications. The top floor 3 bed 2 bath "owner's unit" which offers incredible amazing city views from the balcony is PERFECT FOR AN OWNER/USER. The property includes a total of 11 parking spaces consisting of a tandem space, two 2-car garages, and seven single spaces. There is potential to convert the two-car garages into market-rate ADUs (Buyer to verify with the city). In total there are six vacant units (3 rent ready and 3 gutted units). Santa Monica is known for its excellent schools, community parks, and a vibrant beach-town atmosphere. The mid-city area's lively ambiance and convenient lifestyle make it highly desirable for renters and an enticing proposition for investors looking to capitalize on the city's robust rental market.

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• September, 2023

• Sep 8, 2023

  Date

  Expired

  CRMLS: 23278309

  $3,050,000

  Price

• Jun 15, 2023

  Date

  Active

  CRMLS: 23278309

  $3,050,000

  Price

• Listing provided courtesy of CRMLS

  Presenting 1427 15th Street, a prime multifamily investment in Santa Monica's vibrant mid-city area. This property offers 10 units, featuring a mix of one 3-bed 2-bath, two 2-bed 2-bath, four 2-bed 1-bath, and three 1-bed 1-bath residences, catering to a wide range of tenant preferences. Located in the heart of mid-city Santa Monica, just blocks to Downtown Santa Monica, this property enjoys a central position, providing easy access to a wealth of amenities, including shopping, dining, and entertainment options. Delivered with six vacant units, including three already renovated and three ready for transformation, this property presents an immediate value-add opportunity. The 10 parking spaces, consisting of one tandem, two single garages, and seven single spaces, ensure convenient parking options for residents. With a 30% AMI deed-restricted affordability status applying to 80% the existing units, this property offers a unique advantage, ensuring a competitive entry price point while also giving investors the opportunity for substantial cash flow upside, particularly in tandem with the Section 8 program. Additionally, the potential to incorporate multiple Accessory Dwelling Units (ADUs), which may not bound by the deed restriction, provides an immediate opportunity for significant equity appreciation. Unit 4 (2 bed 2 bath) and unit 10 (3 bed 2 bath) are not deed-restricted and can be leased out at market rents. Santa Monica is known for its excellent schools, community parks, and a vibrant beach-town atmosphere. Benefitting also from its proximity to major employment centers, such as the thriving tech, entertainment, and creative sectors, this property attracts a diverse pool of potential tenants. The mid-city area's lively ambiance and convenient lifestyle make it highly desirable for renters and an enticing proposition for investors looking to capitalize on the city's robust rental market.

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• June, 2015

• Jun 24, 2015

  Date

  Sold (Public Records)

  Public Records

  $4,000,000

  Price

• April, 2014

• Apr 3, 2014

  Date

  Sold (Public Records)

  Public Records

  $3,355,033

  Price

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