1438 14th St Santa Monica, CA 90404
Active
$3,500,000
10 Units
16 Beds
16 Baths
8,498 Area(sq.ft.)
7,491 Lot Size(sq.ft.)
| Type | # of Units | Bedroom | Bath | Furnished | Rent | Actual Rent | Projected Rent |
|---|---|---|---|---|---|---|---|
| Unit 1 | 1 | 2 | 2 | No | $ 2,755 | $ 2,500 | $ 3,500 |
| Unit 10 | 1 | 2 | 2 | No | $ 2,680 | $ 2,106 | $ 3,500 |
| Unit 11 | 1 | studio | 0 | No | $ 167 | $ 167 | $ 167 |
| Unit 2 | 1 | 1 | 1 | No | $ 2,022 | $ 1,850 | $ 2,900 |
| Unit 3 | 1 | 1 | 1 | No | $ 1,994 | $ 1,436 | $ 2,900 |
| Unit 4 | 1 | 2 | 2 | No | $ 2,828 | $ 2,321 | $ 3,500 |
| Unit 5 | 1 | 2 | 2 | No | $ 2,182 | $ 2,152 | $ 3,500 |
| Unit 6 | 1 | 1 | 1 | No | $ 2,167 | $ 1,800 | $ 2,900 |
| Unit 7 | 1 | 1 | 1 | No | $ 1,210 | $ 1,142 | $ 2,900 |
| Unit 8 | 1 | 2 | 2 | No | $ 2,587 | $ 2,200 | $ 3,500 |
| Unit 9 | 1 | 2 | 2 | No | $ 2,788 | $ 2,150 | $ 3,500 |
| 11 | 11 | 16 | 16 | $ 23,380 | $ 19,824 | $ 32,767 |
| MLS #: | 24-458595 |
| Days On Market: | 12 |
| County: | Los Angeles |
| Property Type: | Residential Income |
| Price per ft2: | $ 412 |
| Price per unit: | $ 350,000 |
| Year Built: | 1967 |
Property Details
12.5 GRM with Maximum Allowable Rents (MARs) in place! Rents and Gross income, listed below, are with MARs. First time on the market! Great value-add opportunity on this 10 unit property. Current rents are 15% below the City of Santa Monica MARs. Raise the rents with proper notice to the tenants (Buyer to confirm with Santa Monica Rent Control). Gross Annual Income using MARs is $280,556 (12.5 X gross). Gross Annual Income using current rents is $237,884. See current Rent Roll and MAR rent roll (see documents tab). There are (6) 2 bedrooms/2 bathrooms and (4) 1 bedroom/1 bathroom apartments.12 car parking. The 2 front 2 bedrooms/2 bathroom units are split level with high ceilings. Good long term upside in rents. Close to restaurants and shopping in sunny Santa Monica! Seller provided a soft-story retrofit proposal (see documents tab) Inside with an accepted offer. Please do not disturb tenants. Please text for the quickest response. Voicemail and email also answered promptly. Thank you for your interest!Interested in this Listing?
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Income Details
| Rent Control: | Yes, 100% |
| Gross Operating Income: | $ 280,556 |
| Total Annual Expense: | $ 100,100 |
| Net Operating Income: | $ 180,456 |
| Gross Annual Income: | $ 280,556 |
| Cap Rate: | 5.2% |
| Gross Rent Multiplier: | 12.50 |
Structure
| Type of Units: | single level |
| Buildings: | 1 |
| Levels: | Two |
| Style: | Traditional |
| View Description: | Green Belt |
| Water: | Water District |
Land & Parking
| Zoning: | SMR3* |
| Parking Garage: | Carport, Covered Parking, Garage - 2 Car |
| Total Parking: | 10 |
Interior
| AC/Cooling: | None |
| Equipment: | Other |
| Heating: | Natural Gas |
| Laundry: | Community |
Exterior
Detailed Map
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