Santa Monica, CA 90403,1115 14th ST
Santa Monica, CA 90403,1115 14th ST
Santa Monica, CA 90403,1115 14th ST
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HomeSmart Realty West
$20,850,000
Est. payment /mo
42 Beds
41 Baths
34,281 SqFt
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UPDATED:

12/05/2024 04:37 AM

Key Details

Property Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 34,281 sqft

Price per Sqft $608

MLS Listing ID 24452667

Bedrooms 42

HOA Y/N No

Year Built 1972

Lot Size 0.345 Acres

Property Description

This is a prime investment opportunityat 1115 14th St, a 23-unit apartment complex located in the prestigious Wilshire Montana neighborhoodof Santa Monica. This well-maintained property boasts a desirable unit mix consisting of one single ADU,five one-bedroom units, 14 two-bedroom units, two three-bedroom units, and a four-bedroom penthouse,complemented by 33 parking spaces, including EV charging stations and above-parking storage spaces.Ownership has invested over $3.3 million in capital improvements since 2019, including the full renovationof 14 units featuring luxury upgrades such as stacked washers and dryers, wide plank vinyl flooring, recessedlighting, modern cabinetry, quartz countertops, stainless steel appliances, HVAC, and smoothed ceilings.Additionally, significant enhancements to the common areas and building systems have been made, includingplumbing, solar installation, complete elevator upgrade, and roofing improvements.The standout feature of the property is the four-bedroom penthouse, which underwent a $500k renovation.This two-story unit features a private, key-locked elevator, a 360-degree rooftop deck, a gourmet kitchen,an open living room with balcony access, and luxury amenities such as a home office, laundry room, andsteam shower.With no deferred maintenance and strong existing cash flow, the property presents an additional 35%rental upside through continued unit turnovers and renovations. The offering includes favorable assumablefinancing with a $7.974 million principal balance, interest-only at a 2.90% rate, maturing in 2030.Located just blocks from premier retail amenities along Wilshire Blvd and close to the UCLA Santa MonicaMedical Center, 1115 14th St offers an ideal living environment for residents commuting to employment hubsacross Santa Monica, Brentwood, West LA, and beyond. The Santa Monica submarket continues to be highlyattractive for investors due to consistent rent growth and property value appreciation.This is a unique opportunity to acquire a high-performing asset in one of Southern California's most soughtafterneighborhoods.

Location

State CA

County Los Angeles

Area C14 - Santa Monica

Zoning SMR2*

Interior

Heating None

Cooling None

Fireplace No

Exterior

Parking Features Driveway Down Slope From Street

Building

Entry Level Multi/Split

Level or Stories Multi/Split

New Construction No

Others

Senior Community No

Tax ID 4281011029

Special Listing Condition Standard


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California Regional MLS (CRMLS)
Listed by Neema Ahadian • Marcus & Millichap

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HomeSmart Realty West

+1(760) 607-5900

Broker | License ID: DRE#1905908

Broker License ID: DRE#1905908

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