1427 15th Street

Santa Monica, CA 90404

$2,450,000
Price
18
Beds
13
Baths
8,623 Sq. Ft.
$284 / Sq. Ft.
8,623
Sq. Ft.
$284
per Sq. Ft.

Description

Price reduced for fast sale! 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 $757 for 1 bedroom units and $898 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...Price reduced for fast sale! 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 $757 for 1 bedroom units and $898 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 six vacant units (3 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.
  1. Listed by Benjamin J. Hsiang • DRE #01438644 • Brokerage DRE #01438644 • Realty Investment Advisors, Inc.
  2. Listed by Don Favia • DRE #01841258 • Brokerage DRE #01438644 • Realty Investment Advisors, Inc.

Property Details for 1427 15th Street

Zoning
SMR3*
Parcel Number
4282020019
Total Units
10.0
Living Area
8623
Source Living Area
Vendor Enhanced
Area
Santa Monica (C14)
Vacancy Rate
6
Lot Size Area
7495

Location

Listing Courtesy of Realty Investment Advisors, Inc., Benjamin J. Hsiang, DRE #01438644; Realty Investment Advisors, Inc., Don Favia, DRE #01841258
Add your commute
LISTING UPDATED: 04/22/2024 01:41 PM

Property Details for 1427 15th Street

StatusActive
MLS #23-310071
Days on Market102
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1968
Lot Size0.17 AC / 7,495 SF
CountyLos Angeles County

Location

Listing Courtesy of Realty Investment Advisors, Inc., Benjamin J. Hsiang, DRE #01438644; Realty Investment Advisors, Inc., Don Favia, DRE #01841258
Add your commute

Building Information for 1427 15th Street

Stories2Residences-Year Built1968Building Size-Lot Size0.17 AC / 7,495 SF

Payment Calculator

$17,996 per month

30 year fixed, 7.25% Interest

Principal and Interest

$13,371

Property Taxes

$4,625

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 1427 15th Street

Community / Development
Community / Development
  • Number Of Units: 10
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 2
  • Number Of Buildings: 1
  • Type Of Units: Apartments
  • Water Heaters: Yes
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $175,287
  • Net Operating Income: $110,073.00
  • Gross Income: $180,708
  • Cap Rate: 4.49%
  • Gross Rent Multiplier: $13.56
  • Total Annual Expense: 65214
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.1721
  • Lot Size Square Feet: 7495
Parking Details
Parking Details
  • Parking Garage: Covered Parking
  • Total Parking: 11
  • Parking Features: Covered
Interior Features
Interior Features
  • Levels: Two
  • Cooling: None
  • Cooling Type: None
  • Heating: Wall Furnace
  • Heating Type: Wall
  • Equipment: Hood Fan, Range/Oven, Refrigerator, Washer, Dryer
  • Laundry: Washer Included, Dryer Included
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 01-22-2024
Unit Details
Unit 1 Information
  • Unit Beds: 3
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $4,250.00
  • Unit Actual Rent: $4,250.00
  • Unit Projected Rent: $4,250.00
  • Like Units: 1
Unit 2 Information
  • Unit Beds: 2
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $2,079.00
  • Unit Actual Rent: $4,158.00
  • Unit Projected Rent: $4,248.00
  • Like Units: 2
Unit 3 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,095.00
  • Unit Actual Rent: $4,380.00
  • Unit Projected Rent: $3,592.00
  • Like Units: 4
Unit 4 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $757.00
  • Unit Actual Rent: $2,271.00
  • Unit Projected Rent: $2,271.00
  • Like Units: 3
Unit Details
  • Unit Type Type: 2106, 2107, 2108, 2109
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $1,359,035.00
  • Assessed Improvement Percent: 30.0
  • Assessed Land Value: $3,171,084.00
  • Assessed Land Percent: 70
  • Assessed Total Value: $4,530,119.00

Property History for 1427 15th Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 1427 15th Street

Taxable ValueLand$3,234,505Additions$1,387,025Total$4,621,530
Tax Record2023$55,497 ($4,625 / month)
Home Facts
Total Finished SqFt8,623 SqFtAbove Grade Finished SqFt8,623 SqFtLot Size7,495 SqFtStyleMulti-Family Res (5+ Units)Year Built1968ZoningSMR3*CountyLOS ANGELESAPN4282-020-019

Schools near 1427 15th 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
McKinley 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.

Similar Homes

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1427 15th Street is a multi-family home for sale in Santa Monica, CA 90404. This property was listed for sale on January 22, 2024 by Realty Investment Advisors, Inc., it's currently listed at $2,450,000. It has been on the market for a total of 102 days and was last sold on June 19, 2015. This listing's school district is Santa Monica-Malibu Unified School District. Nearby schools include McKinley Elementary School, Lincoln Middle School and Santa Monica High School. 1427 15th Street is a 18-bed, 13-bath, 8,623 sqft multi-family home built in 1968.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Realty Investment Advisors, Inc., Benjamin J. Hsiang, DRE #01438644; Realty Investment Advisors, Inc., Don Favia, DRE #01841258

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.