12.5 GRM with Maximum Allowable Rents (MARs) in place! Rents and Gross income, listed below, are with MARs. First time on the market! Great value-add opportunity on this 10 unit property. Current rents are 15% below the City of Santa Monica MARs. Raise the rents with proper notice to the tenants (Buyer to confirm with Santa Monica Rent Control). Gross Annual Income using MARs is $280,556 (12.5 X gross). Gross Annual Income using current rents is $237,884. See current Rent Roll and MAR rent roll (see documents tab). There are (6) 2 bedrooms/2 bathrooms and (4) 1 bedroom/1 bathroom apartments.12 car parking. The 2 front 2 bedrooms/2 bathroom units are split level with high ceilings. Good long term upside in rents. Close to restaurants and shopping in sunny Santa Monica! Seller provided a soft-story retrofit proposal (see documents tab) Inside with an accepted offer. Please do not disturb tenants. Please text for the quickest response. Voicemail and email also answered promptly. Thank you for your interest!
Property Details
Price:
$3,500,000
MLS #:
24458595
Status:
Active
Baths:
0
Address:
1438 14th Street
Type:
Residential Income
Neighborhood:
c14santamonica
City:
Santa Monica
Listed Date:
Nov 8, 2024
State:
CA
ZIP:
90404
Lot Size:
7,491 sqft / 0.17 acres (approx)
Year Built:
1967
See this Listing
Mortgage Calculator
Schools
Interior
Cooling
None
Heating
Natural Gas
Exterior
Parking Features
Carport, Covered, Garage – Two Door
Parking Spots
10.00
Stories Total
2
View
Park/ Greenbelt
Financial
Tenant Pays
Gas, Electricity
Map
Community
- Address1438 14th Street Santa Monica CA
- AreaC14 – Santa Monica
- CitySanta Monica
- CountyLos Angeles
- Zip Code90404
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Courtesy of Berkshire Hathaway HomeServices California Properties. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the California Regional Multiple Listing Service. Detailed information about real estate listings held by brokerage firms other than include the name of the listing broker. Neither the listing company nor shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. Copyright 2024. California Regional Multiple Listing Service. All rights reserved.
1438 14th Street
Santa Monica, CA
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