1427 15th St
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1427 15th St
10 Unit Apartment Building $3,045,152 CAD ($304,515 CAD/Unit) 5.53% Cap Rate Santa Monica, CA 90404
INVESTMENT HIGHLIGHTS
- 3 Bedroom 2 Bath Owner’s unit delivered vacant
- Only $190,000 per unit and $220 per square foot
- 11 total parking spaces
- ADU garage conversion possibilities (Buyer to verify)
- 8 out of the 10 units are deed restricted
- On-site laundry room
EXECUTIVE SUMMARY
RECEIVERSHIP SALE! Hearing Date: February 13, 2025 @ 8:30 AM. Final deadline for overbid offers January 31, 2025.
We are pleased to present 1427 15th Street, a 10 unit apartment building in Santa Monica. Eight of the 10 units are deed-restricted to 30% AMI affordability, limiting rent levels on those 8 units to $832 for 1 bedroom units and $988 for 2 bedroom units. However, unit 4 (2 bed 2 bath) and unit 10 (3 bed 2 bath) are NOT deed-restricted and can be leased out at MARKET rents. Both of the market rate units have been taken down to the studs and will be delivered vacant creating the perfect opportunity for a new owner to customize to their own specifications. The top floor 3 bed 2 bath "owner's unit" which offers incredible amazing city views from the balcony is PERFECT FOR AN OWNER/USER. The property includes a total of 11 parking spaces consisting of a tandem space, two 2-car garages, and seven single spaces. There is potential to convert the two-car garages into market-rate ADUs (Buyer to verify with the city). In total there are 7 vacant units (4 rent ready and 3 gutted units). Santa Monica is known for its excellent schools, community parks, and a vibrant beach-town atmosphere. The mid-city area's lively ambiance and convenient lifestyle make it highly desirable for renters and an enticing proposition for investors looking to capitalize on the city's robust rental market. NOTE: Property sale is subject to court confirmation including a 60-day appeal period and may be subject to overbid. As such, Seller cannot guarantee a particular sale date.
We are pleased to present 1427 15th Street, a 10 unit apartment building in Santa Monica. Eight of the 10 units are deed-restricted to 30% AMI affordability, limiting rent levels on those 8 units to $832 for 1 bedroom units and $988 for 2 bedroom units. However, unit 4 (2 bed 2 bath) and unit 10 (3 bed 2 bath) are NOT deed-restricted and can be leased out at MARKET rents. Both of the market rate units have been taken down to the studs and will be delivered vacant creating the perfect opportunity for a new owner to customize to their own specifications. The top floor 3 bed 2 bath "owner's unit" which offers incredible amazing city views from the balcony is PERFECT FOR AN OWNER/USER. The property includes a total of 11 parking spaces consisting of a tandem space, two 2-car garages, and seven single spaces. There is potential to convert the two-car garages into market-rate ADUs (Buyer to verify with the city). In total there are 7 vacant units (4 rent ready and 3 gutted units). Santa Monica is known for its excellent schools, community parks, and a vibrant beach-town atmosphere. The mid-city area's lively ambiance and convenient lifestyle make it highly desirable for renters and an enticing proposition for investors looking to capitalize on the city's robust rental market. NOTE: Property sale is subject to court confirmation including a 60-day appeal period and may be subject to overbid. As such, Seller cannot guarantee a particular sale date.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$267,032
|
$30.97
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$8,011
|
$0.93
|
| Effective Gross Income |
$259,021
|
$30.04
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$90,630
|
$10.51
|
| Net Operating Income |
$168,391
|
$19.53
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $267,032 |
| Annual Per SF | $30.97 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $8,011 |
| Annual Per SF | $0.93 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $259,021 |
| Annual Per SF | $30.04 |
| Taxes (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses (CAD) | |
|---|---|
| Annual | $90,630 |
| Annual Per SF | $10.51 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $168,391 |
| Annual Per SF | $19.53 |
PROPERTY FACTS Under Contract
| Price | $3,045,152 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $304,515 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 5.53% | Building Size | 8,623 SF |
| Gross Rent Multiplier | 11.4 | Average Occupancy | 30% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1968 |
| Property Subtype | Apartment | Parking Ratio | 1.16/1,000 SF |
| Price | $3,045,152 CAD |
| Price Per Unit | $304,515 CAD |
| Sale Type | Investment |
| Cap Rate | 5.53% |
| Gross Rent Multiplier | 11.4 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 8,623 SF |
| Average Occupancy | 30% |
| No. Stories | 2 |
| Year Built | 1968 |
| Parking Ratio | 1.16/1,000 SF |
UNIT AMENITIES
- Balcony
- Heating
- Kitchen
- Refrigerator
- Tub/Shower
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 3 | $1,201 CAD | - |
| 2+1 | 3 | $1,358 CAD | - |
| 2+2 | 3 | $3,000 CAD | - |
| 3+2 | 1 | $7,216 CAD | - |
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Walk Score®
Very Walkable (86)
Transit Score®
Excellent Transit (72)
Bike Score®
Biker's Paradise (97)
PROPERTY TAXES
| Parcel Number | 4282-020-019 | Improvements Assessment | $2,005,376 CAD |
| Land Assessment | $4,679,215 CAD | Total Assessment | $6,684,591 CAD |
PROPERTY TAXES
Parcel Number
4282-020-019
Land Assessment
$4,679,215 CAD
Improvements Assessment
$2,005,376 CAD
Total Assessment
$6,684,591 CAD
ZONING
| Zoning Code | R3 (Multiple Dwelling) |
| R3 (Multiple Dwelling) |
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1427 15th St
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