1423 & 1427 Euclid St, Santa Monica

The Appel Group of Marcus & Millichap presents an exclusive portfolio featuring two beautifully maintained properties in sought-after neighborhoods of Santa Monica.
The portfolio at 1423 and 1427 Euclid St. presents a unique investment opportunity in the heart of Santa Monica, one of Southern California's most desirable real estate
markets. Together, these two properties span a combined 14,993 square foot lot with 15,621 square feet of living space, offering a diverse mix of 17 rental units that cater
to a range of tenant preferences. The properties include an 11-unit building at 1423 Euclid St. and a 6-unit bungalow complex at 1427 Euclid St., both of which are
strategically located within walking distance of iconic Santa Monica destinations such as Santa Monica Beach, the Santa Monica Pier, and 3rd Street Promenade.
1423 Euclid St. is a three-story multifamily property built in 1974, offering a mix of studio apartments, 1-bedroom/1-bath units, 2-bedroom/2-bath units, and townhomestyle
units. Recent improvements to the building include a new hot water boiler in 2023, a new roof in 2019, and partial sewer and electrical upgrades. The property
features private balconies for each unit, ample parking in secured garages or alley access, and common-area laundry facilities. Many of the second- and third-floor units
benefit from natural light and scenic views of the Santa Monica Mountains and Catalina Island.
Just next door, 1427 Euclid St. is a 6-unit property consisting of bungalow-style units built in 1924, providing tenants with enhanced privacy due to the minimal shared
walls. The units are housed in five separate structures, which is a rare feature for multi-family properties in the area. The property also includes four single-car garages
and recently serviced roofs, ensuring that the buildings are well-maintained. This location is particularly attractive given its close proximity to Downtown Santa Monica,
which offers a wide array of entertainment, shopping, and dining options.
Santa Monica's prime location continues to experience strong demand for rental properties, bolstered by its beachside lifestyle, vibrant retail and dining scene, and
excellent weather year-round. The area is further supported by several nearby developments that will enhance the local infrastructure and drive demand for housing. For
example, the 1945 Euclid St. project will add 39,000 square feet of office space and retail to the area, while other developments such as Aire Santa Monica, a luxury
residential project, set a high standard for upscale living in the neighborhood. These projects are likely to drive further job creation, economic growth, and demand for
housing in this already high-demand market.
Both properties offer significant value-add potential. At 1423 Euclid St., there are opportunities to enhance the interiors of the units, upgrade the common areas, and
potentially improve the parking and utility systems. Meanwhile, 1427 Euclid St. offers upside through cosmetic renovations to the bungalow units, which could help
raise rents while maintaining their unique character. The diverse unit mix between the two properties combining bungalows, townhomes, and apartments ensures a
broad appeal to a variety of tenants, from those seeking privacy to those looking for more conventional apartment living.
With the ongoing demand for rental properties in Santa Monica and the nearby development projects set to further improve the area's infrastructure and desirability, the
properties at 1423 and 1427 Euclid St. represent a compelling investment. Their prime location, potential for rental growth, and the ability to reposition and improve the
properties make them an attractive option for both long-term cash flow and capital appreciation. Investors have a unique opportunity to acquire a diverse and wellpositioned
asset in one of the most desirable rental markets in Southern California.