1115 14th Street

Santa Monica, CA 90403

$20,850,000
Price
42
Beds
41
Baths
34,281 Sq. Ft.
$608 / Sq. Ft.
34,281
Sq. Ft.
$608
per Sq. Ft.

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...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.
  1. Listed by Neema Ahadian • DRE #01346750 • Brokerage DRE #01238010 • Marcus & Millichap

Property Details for 1115 14th Street

Zoning
SMR2*
Parcel Number
4281011029
Total Units
23.0
Living Area
34281
Source Living Area
Vendor Enhanced
Area
Santa Monica (C14)
Vacancy Rate
0
Lot Size Area
15030
LISTING UPDATED: 10/15/2024 12:01 AM

Property Details for 1115 14th Street

StatusActive
MLS #24-452667
Days on Market75
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1972
Lot Size0.35 AC / 15,030 SF
CountyLos Angeles County

Building

1115 14th St

4 StoriesBuilt in 1972

Building Information for 1115 14th Street

Stories4Residences-Year Built1972Building Size-Lot Size0.35 AC / 15,030 SF

Property Information for 1115 14th Street

Community / Development
Community / Development
  • Number Of Units: 23
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 0
  • Number Of Buildings: 1
  • Type Of Units: 1+1
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $1,207,125
  • Net Operating Income: $833,924.00
  • Gross Income: $1,238,077
  • Gross Rent Multiplier: $16.84
  • Total Annual Expense: 373201
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.345
  • Lot Size Square Feet: 15030
Parking Details
Parking Details
  • Parking Garage: Above Street Level
  • Total Parking: 0
  • Parking Features: Driveway Down Slope From Street
Interior Features
Interior Features
  • Levels: Multi/Split
  • Cooling: None
  • Cooling Type: None
  • Heating: None
  • Heating Type: None
  • Equipment: None
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 10-14-2024
Unit Details
Unit 1 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,242.00
  • Unit Actual Rent: $14,931.00
  • Unit Projected Rent: $22,200.00
  • Like Units: 6
Unit 2 Information
  • Unit Beds: 2
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $4,836.00
  • Unit Actual Rent: $61,196.00
  • Unit Projected Rent: $82,530.00
  • Like Units: 14
Unit 3 Information
  • Unit Beds: 3
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $1,726.00
  • Unit Actual Rent: $1,726.00
  • Unit Projected Rent: $6,750.00
  • Like Units: 1
Unit 4 Information
  • Unit Beds: 3
  • Unit Baths: 3
  • Unit Furnished: No
  • Unit Rent: $7,000.00
  • Unit Actual Rent: $7,000.00
  • Unit Projected Rent: $7,000.00
  • Like Units: 1
Unit 5 Information
  • Unit Beds: 4
  • Unit Baths: 4
  • Unit Furnished: No
  • Unit Rent: $15,071.00
  • Unit Actual Rent: $15,071.00
  • Unit Projected Rent: $18,000.00
  • Like Units: 2
Unit Details
  • Unit Type Type: 2106, 2107, 2108, 2109, 2110
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $6,004,330.00
  • Assessed Improvement Percent: 48.28
  • Assessed Land Value: $6,433,212.00
  • Assessed Land Percent: 51.72
  • Assessed Total Value: $12,437,542.00

Property History for 1115 14th Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 1115 14th Street

Taxable ValueLand$6,561,876Additions$6,126,216Total$12,688,092
Tax Record2024$150,691 ($12,558 / month)
Home Facts
Total Finished SqFt34,281 SqFtAbove Grade Finished SqFt34,281 SqFtLot Size15,026 SqFtStyleMulti-Family Res (5+ Units)Year Built1972ZoningSMR2*CountyLOS ANGELESAPN4281-011-029

Schools near 1115 14th Street

This home is within Santa Monica-Malibu Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Public - 9 to 12
Rating
School
Distance
Roosevelt Elementary School
PublicK to 5

Lincoln Middle School
Public6 to 8

Santa Monica High School
Public9 to 12

Olympic High (Continuation) School
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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1115 14th Street is a multi-family home for sale in Santa Monica, CA 90403. This property was listed for sale on October 7, 2024 by Marcus & Millichap, it's currently listed at $20,850,000. It has been on the market for a total of 75 days and was last sold on November 8, 2018. This listing's school district is Santa Monica-Malibu Unified School District. Nearby schools include Roosevelt Elementary School, Lincoln Middle School and Santa Monica High School. 1115 14th Street is a 42-bed, 41-bath, 34,281 sqft multi-family home built in 1972.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Marcus & Millichap, Neema Ahadian, DRE #01346750

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.