1438 14Th StSanta Monica, CA 90404

This exceptional 10-unit apartment building presents a compelling value-add opportunity in the highly desirable Santa Monica, California market. Located at 1438 14th Street, 90404, this 1967-built property offers a mix of six two-bedroom/two-bathroom and four one-bedroom/one-bathroom units. The property boasts ample parking with capacity for 10+ cars. Currently, the building generates a gross annual income of $237,884 based on existing rents. However, significant rental upside exists, as current rents are approximately 15% below the City of Santa Monica's Maximum Allowable Rents (MARs). Utilizing the MARs, the projected gross annual income increases to $280,556, resulting in a 12.5 GRM. The property's net operating income (NOI) is $180,456, with total expenses amounting to $100,100. The asking price is $3,500,000, translating to $350,000 per unit and a 5.2% cap rate. A detailed rent roll showcasing both current rents and the potential MARs is available. The seller is currently obtaining pricing for a soft-story retrofit. This property offers strong long-term growth potential in a prime location close to restaurants and shopping. Please note that tenants should not be disturbed.