15th.1434 — Sale in Santa Monica, CA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Santa Monica, CA 90404

Photos

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Investment Figures

Cap rate
5.80%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

Marcus & Millichap is 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 rental markets. 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 fresh paint, 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 comb

Market Context

This multifamily in Santa Monica, CA is listed for sale. It is offered at an approximate 5.8% capitalization rate, a key benchmark for income-producing multifamily assets. Compare it against other multifamily listings for sale in Santa Monica, CA — view the full market.

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