1427 15Th St Santa Monica, CA 90404

This receivership sale presents a unique opportunity to acquire a 10-unit apartment building in the desirable Santa Monica, CA (90404) market. Located at 1427 15th Street, this two-story, 1968-built property boasts 8,623 square feet on a 7,495 square foot lot and is zoned SMR3. The building currently features a mix of occupied and vacant units. Eight units are deed-restricted to 30% AMI affordability, with rents capped at $832 for one-bedroom and $988 for two-bedroom units. However, two market-rate units (a 2-bed/2-bath and a 3-bed/2-bath) are vacant and ready for customization, offering significant upside potential. The 3-bed/2-bath unit is particularly attractive as a potential owner's unit, boasting amazing city views from its balcony. Eleven parking spaces are available, including tandem and two-car garages. There's potential for ADU conversion of the garages (buyer to verify with the city). The property includes an on-site laundry room. The current NOI is $119,199, with a pro-forma NOI of $123,471, resulting in a 6.27% cap rate and a pro-forma cap rate of 6.50%. The asking price is $1,900,000 ($190,000 per unit). Seven units are currently vacant (four rent-ready and three gutted). Note: The sale is subject to court confirmation, including a 60-day appeal period, and may be subject to overbid. The seller cannot guarantee a specific sale date. This property offers a compelling blend of immediate income and significant value-add potential in a prime Santa Monica location.