1438 14Th StSanta Monica, CA 90404

Property Details for 1438 14Th St

Year built

1967

Construction

WOOD

Lot size

0.17 AC

Property size (Sq ft)

8,498 SF

Zone code

SMR3*

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

4282-022-008

APU

4282022008

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $2,585,648

  6.5%

  $2,386,752

  7%

  $2,216,269

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,500,692

  Geo Method

  $2,504,768

• Alternative Use

  Use

  Valuation

  Residential

  $2,386,752

  Hospitality

  $2,186,252

  Educational

  $1,818,936

  Medical

  $1,881,492

  Retail

  $2,829,456

Location Insight

City

Santa Monica

County

Los Angeles

State

California

Latitude

34.023

Longitude

-118.485

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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