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TNG Real Estate Consultants

info@tngrealestate.com +1(714) 987-3310

$2,199,000

Est. payment - /mo

12 Beds

6 Baths

5,408 SqFt

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UPDATED:

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

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

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TNG Real Estate Consultants

+1(714) 987-3310

Agent License ID: 01886242

1754 15th ST Santa Monica, CA 90404

TNG Real Estate Consultants

Key Details

Location

Interior

Exterior

Building

Others

Nearby Locations

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