1427 15Th StSanta Monica, CA 90404

Property Details for 1427 15Th St

Year built

1968

Construction

WOOD

Lot size

0.17 AC

Property size (Sq ft)

8,623 SF

Zone code

SMR3*

Property type

Apartment buildings

APN

4282-020-019

APU

4282020019

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $2,630,666

  6.5%

  $2,428,307

  7%

  $2,254,856

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,537,288

  Geo Method

  $2,541,612

• Alternative Use

  Use

  Valuation

  Residential

  $2,428,307

  Hospitality

  $2,224,316

  Educational

  $1,850,605

  Medical

  $1,914,250

  Retail

  $2,878,719

Location Insight

City

Santa Monica

County

Los Angeles

State

California

Latitude

34.0245

Longitude

-118.484

CBSA code

31080

CBSA name

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

Property Tax & Assessments

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