1502 Maple Street

Santa Monica, CA 90405

$3,155,000
Last Sold Price
10
Beds
10
Baths
4,718 Sq. Ft.
$669 / Sq. Ft.
4,718
Sq. Ft.
$669
per Sq. Ft.

Description

1502 Maple is a 10-unit bungalow style apartment complex on a large 12,557 sqft lot. The property features 8 (eight) one bedroom units and two bachelor units. The property has two detached garage structures with 4 separate garages. Four of the garages are rented as storage generating $1775/mo of additional income. Being sold at an in-place 5% cap rate and 14.6GRM! With over 50% upside in rents. About half of the property has been renovated, some units have in-unit washer/dryers. The property does...1502 Maple is a 10-unit bungalow style apartment complex on a large 12,557 sqft lot. The property features 8 (eight) one bedroom units and two bachelor units. The property has two detached garage structures with 4 separate garages. Four of the garages are rented as storage generating $1775/mo of additional income. Being sold at an in-place 5% cap rate and 14.6GRM! With over 50% upside in rents. About half of the property has been renovated, some units have in-unit washer/dryers. The property does have a shared laundry facility. 1502 Maple St is walking distance to some of the best retail in Santa Monica. Owner has the ability to add two large ADU units to the property through a garage conversion.
  1. Listed by Adam Kanizo • DRE #02008361 • Brokerage DRE #01891656 • Paloma Realty Partners, Inc.

Property Details for 1502 Maple Street

Zoning
SMR2*
Style
Bungalow
Parcel Number
4284026021
Total Units
10.0
Living Area
4718
Source Living Area
Vendor Enhanced
Area
Santa Monica (C14)
Vacancy Rate
0
LISTING UPDATED: 06/23/2024 10:35 PM

Property Details for 1502 Maple Street

StatusSold
MLS #24-376315
Days on Market66
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1939
Lot Size0.29 AC / 12,561 SF
CountyLos Angeles County

Building Information for 1502 Maple Street

Stories-Residences-Year Built1939Building Size-Lot Size0.29 AC / 12,561 SF

Property Information for 1502 Maple Street

Community / Development
Community / Development
  • Number Of Units: 10
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 0
  • Number Of Buildings: 2
  • Type Of Units: One Bedroom
  • View: No
  • View Description: None
  • View: None
Contract Info
Contract Info
  • Disclosures: As Is
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $232,187
  • Net Operating Income: $170,433.00
  • Gross Income: $216,378
  • Cap Rate: 5.00%
  • Gross Rent Multiplier: $14.64
  • Actual Gross Annual Income: $238,678
  • Vacancy Allow Percent: 3.00%
  • Total Annual Expense: 61753
  • Expense Operating Percent: $27.00
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.2884
  • Lot Size Square Feet: 12561
Parking Details
Parking Details
  • Parking Garage: Driveway, Private Garage
  • Total Parking: 4
  • Parking Features: Driveway, Private
  • Garage Structures Total: 2.0
Interior Features
Interior Features
  • Levels: One
  • Cooling: None
  • Cooling Type: None
  • Heating: Wall Furnace
  • Heating Type: Wall
  • Equipment: Range/Oven, Refrigerator
  • Common Walls: Attached
  • Laundry: Community, In Unit
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: Other
Lease Terms
Lease Terms
  • Entry Date: 04-04-2024
  • Rent Control: Yes
  • Rent Control: 100
Unit Details
Unit 1 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,728.70
  • Unit Actual Rent: $13,830.00
  • Unit Projected Rent: $23,600.00
  • Like Units: 8
Unit 2 Information
  • Unit Beds: 0
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,101.00
  • Unit Actual Rent: $4,202.00
  • Unit Projected Rent: $4,700.00
  • Like Units: 2
Unit Details
  • Unit Type Type: 2106, 2107
Tax and Assessed Info
Tax and Assessed Info
  • Tax Percent: 1.20%
  • Assessed Improvement Value: $933,300.00
  • Assessed Improvement Percent: 30.0
  • Assessed Land Value: $2,177,700.00
  • Assessed Land Percent: 70
  • Assessed Total Value: $3,111,000.00

Property History for 1502 Maple 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 1502 Maple Street

Taxable ValueLand$2,221,254Additions$952,366Total$3,173,620
Tax Record2024$38,744 ($3,229 / month)
Home Facts
Total Finished SqFt4,718 SqFtAbove Grade Finished SqFt4,718 SqFtLot Size12,557 SqFtStyleMulti-Family Res (5+ Units)Year Built1939ZoningSMR2*CountyLOS ANGELESAPN4284-026-021

Schools near 1502 Maple 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 - K to 5
Rating
School
Distance
Will Rogers Elementary School
PublicK to 5

John Adams Middle School
Public6 to 8

Santa Monica High School
Public9 to 12

Juan Cabrillo Elementary School
PublicK to 5

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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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. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Paloma Realty Partners, Inc., Adam Kanizo, DRE #02008361

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.