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Home For Sale

Picture of Home For Sale in Santa Monica, California, United States

$3,050,000

1427 15th St
Santa Monica, California, United States

18bd 13ba

Listed By: Realtyww Info

Listed On: 06/17/2023

Listing ID: GL10023767 View More Details

Description

Presenting 1427 15th Street, a prime multifamily investment in Santa Monica's vibrant mid-city area. This property offers 10 units, featuring a mix of one 3-bed 2-bath, two 2-bed 2-bath, four 2-bed 1-bath, and three 1-bed 1-bath residences, catering to a wide range of tenant preferences. Located in the heart of mid-city Santa Monica, just blocks to Downtown Santa Monica, this property enjoys a central position, providing easy access to a wealth of amenities, including shopping, dining, and entertainment options. Delivered with six vacant units, including three already renovated and three ready for transformation, this property presents an immediate value-add opportunity. The 10 parking spaces, consisting of one tandem, two single garages, and seven single spaces, ensure convenient parking options for residents. With a 30% AMI deed-restricted affordability status applying to 80% the existing units, this property offers a unique advantage, ensuring a competitive entry price point while also giving investors the opportunity for substantial cash flow upside, particularly in tandem with the Section 8 program. Additionally, the potential to incorporate multiple Accessory Dwelling Units (ADUs), which may not bound by the deed restriction, provides an immediate opportunity for significant equity appreciation. 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. Santa Monica is known for its excellent schools, community parks, and a vibrant beach-town atmosphere. Benefitting also from its proximity to major employment centers, such as the thriving tech, entertainment, and creative sectors, this property attracts a diverse pool of potential tenants. 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.

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Listed by: Realty Investment Advisors, Inc.
Source: The World Property Journal

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