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Jill Bennett

jill@jillbennetthomes.com +1(805) 478-8448

$ 2,199,000

Est. payment | -/mo

12 Beds

6 Baths

5,408 SqFt

Save

$ 2,199,000

Est. payment | -/mo

Save

12 Beds

6 Baths

5,408 SqFt

Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 5,408 sqft

Price per Sqft $406

MLS Listing ID 26106913

Bedrooms 12

Construction Status Updated/Remodeled

HOA Y/N No

Year Built 1962

Lot Size 7,496 Sqft

Lot Dimensions Assessor

Property Description

The subject property is a 6-unit apartment building located at 1754 15th Street in the Mid-City area of Santa Monica. Built in 1962 on a large 7,493 square foot lot zoned SMR2, the building consists of six 2-bedroom, 1-bathroom units totaling approximately 5,408 square feet, including two larger units of roughly 1,025 square feet. Two units have been remodeled, and the property is 100% occupied with covered parking. The generous lot also creates meaningful ADU potential: the tuck-under parking and multiple large storage rooms connected to the garage could be converted into accessory dwelling units, giving a new owner a path to additional rental income. Ownership has invested approximately $137,000 in capital improvements since 2016, taking care of many of the major items a buyer would otherwise face. Recent work includes a seismic retrofit compliant with Santa Monica's soft-story ordinance, a new main electrical panel with new sub-panels in each unit, SB 721 balcony inspection with the staircase rebuilt and recoated, full copper repipe, a recoated roof with a new roof treatment, new rain gutters, a new rear concrete driveway, and an upgraded security camera system. Current rents average about $2,041 per unit, while comparable 2-bedroom units in Santa Monica average significantly more. Pro forma rents of $3,000 represent approximately 51% upside and a 7.05% cap rate as units turn over. The property sits just south of Olympic Boulevard, within walking distance of the Expo Line's 17th Street/SMC station and Santa Monica College. UCLA Santa Monica Medical Center and Providence Saint John's Health Center are each about a mile away, with downtown Santa Monica and the 10 Freeway close by. In one of the most supply-constrained rental markets in Los Angeles County, 1754 15th Street offers an investor a well-located, all 2-bedroom building with a long runway of rental growth.

Location

State CA

County Los Angeles

Area C14 - Santa Monica

Zoning SMR2*

Interior

Heating Wall Furnace

Cooling Wall/Window Unit(s)

Fireplaces Type None

Fireplace No

Appliance Gas Oven, Range, Refrigerator

Exterior

Parking Features Assigned, Covered, Garage, Gated, Tandem, Uncovered

Carport Spaces 15

Pool None

Community Features Gated

View Y/N Yes

View City Lights

Porch None

Total Parking Spaces 15

Private Pool No

Building

Lot Description Rectangular Lot

Faces East

Story 2

Entry Level Two

Sewer Other

Architectural Style Mid-Century Modern

Level or Stories Two

New Construction No

Construction Status Updated/Remodeled

Others

Senior Community No

Tax ID 4283013010

Security Features Carbon Monoxide Detector(s),Gated Community,Smoke Detector(s)

Special Listing Condition Standard

CRMLS Full IDX Feed (MAIN Website Search)

Listed by William James Lyon Stahl Investment Real Estate, Inc. #01734419

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+1(805) 478-8448

jill@jillbennetthomes.com

1303 E Grande Ave. #123, Arroyo Grande, CA 93420, USA

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1754 15th ST Santa Monica, CA 90404