1754 15th St

1754 15th St is a 6-unit apartment building in the Mid-City area of Santa Monica, offered at $2,199,000. Built in 1962 on a large 7,493 square foot lot zoned SMR2, the building consists of six 2 bed / 1 bath units totaling approximately 5,408 square feet, including two larger units of roughly 1,025 square feet. Two units have been remodeled, the property is 100% occupied, and covered tuck-under parking accommodates 15 vehicles.

Ownership has invested approximately $137,000 in capital improvements since 2016, including a seismic retrofit compliant with Santa Monica’s soft-story ordinance, a new main electrical panel with new sub-panels in each unit, an SB 721 balcony inspection with the staircase rebuilt and recoated, a full copper repipe, a trenchless sewer line, a recoated roof, new rain gutters, a new rear concrete driveway and an upgraded security camera system. The tuck-under parking and multiple large storage rooms connected to the garage also create meaningful ADU potential, giving a new owner a path to additional rental income.

The property is priced at $366,500 per unit and $407 per square foot, a 4.00% current cap rate and a 14.97 GRM. Current rents average about $2,041 per unit, and pro forma rents of $3,000 to $3,150 per unit support a 7.05% cap rate and a 10.01 GRM as units turn over.

The building sits on a residential block just south of Olympic Boulevard, within walking distance of the Expo Line’s 17th Street/SMC station and Santa Monica College. UCLA Santa Monica Medical Center and Providence Saint John’s Health Center are each about a mile away, with downtown Santa Monica and the 10 Freeway close by. In one of the most supply-constrained rental markets in Los Angeles County, 1754 15th St offers an investor a well-located, all 2-bedroom building with a long runway of rental growth. Please contact the listing agents for showing instructions and available financing options.