1115 14Th StSanta Monica, CA 90403

Property Details for 1115 14Th St

Year built

1972

Construction

WOOD

Lot size

0.34 AC

Property size (Sq ft)

34,281 SF

Zone code

SMR2*

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

4281-011-029

APU

4281011029

Description

This exceptional 23-unit apartment building in Santa Monica's desirable Wilshire Montana neighborhood presents a compelling investment opportunity. The property, built in 1972 and encompassing 34,281 square feet on a 15,026 square foot lot, features a mix of unit sizes: one studio, five one-bedroom, fourteen two-bedroom, two three-bedroom units, and a luxurious four-bedroom penthouse. The building boasts 33 parking spaces, including EV charging stations and individual storage units. Significant capital improvements exceeding $3.3 million have been completed since 2019, including full renovations of 14 units with high-end finishes such as stacked washers/dryers, vinyl flooring, modern cabinetry, quartz countertops, stainless steel appliances, and ductless HVAC systems. Common area and building system upgrades include plumbing, solar panel installation, elevator modernization, and roof repairs. The penthouse unit, a recent $500,000 renovation, features a private elevator, 360-degree rooftop deck, gourmet kitchen, and numerous luxury amenities. The property enjoys a strong NOI of $833,924, a 4.00% cap rate, and an asking price of $20,850,000 ($906,522 per unit and $608.21 per square foot). Favorable assumable financing is available with a $7.974 million principal balance, interest-only at 2.90%, maturing in 2030. Its location near Wilshire Boulevard offers convenient access to shopping, dining, and the UCLA Santa Monica Medical Center, making it highly attractive to renters. The property shows no deferred maintenance and offers significant upside potential for rental income. This is a rare chance to acquire a high-performing asset in a sought-after Southern California location.

• CAP approach

  CAP return

  Valuation

  6%

  $10,449,341

  6.5%

  $9,645,545

  7%

  $8,956,578

• Comparable approach

  Method

  Valuation

  Relative Method

  $10,087,308

  Geo Method

  $10,104,256

• Alternative Use

  Use

  Valuation

  Residential

  $9,645,545

  Hospitality

  $8,835,268

  Educational

  $7,350,839

  Medical

  $7,603,646

  Retail

  $11,434,638

Location Insight

City

Santa Monica

County

Los Angeles

State

California

Latitude

34.028

Longitude

-118.49

CBSA code

31080

CBSA name

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

Property Tax & Assessments

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