1115 14th Street
$20,850,000
42
41
34,281
34,281
$608
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.
- Listed by Neema Ahadian • DRE #01346750 • Brokerage DRE #01238010 • Marcus & Millichap
Property Details for 1115 14th Street
Zoning
SMR2*
Parcel Number4281011029
Total Units23.0
Living Area34281
Source Living AreaVendor Enhanced
AreaSanta Monica (C14)
Vacancy Rate0
Lot Size Area15030
LISTING UPDATED: 10/15/2024 12:01 AM
Property Details for 1115 14th Street
Status | Active |
---|---|
MLS # | 24-452667 |
Days on Market | 75 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Residential Income |
Year Built | 1972 |
Lot Size | 0.35 AC / 15,030 SF |
County | Los Angeles County |
Building
Building Information for 1115 14th Street
Stories4Residences-Year Built1972Building Size-Lot Size0.35 AC / 15,030 SF
Property Information for 1115 14th Street
Property History for 1115 14th Street
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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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.
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