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. 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 under documents. There are (6) 2 bedrooms/2 bathrooms and (4) 1 bedroom/1 bathroom apartments.10+ car parking. Good long term upside in rents. Close to restaurants and shopping in sunny Santa Monica! Seller is obtaining the pricing for the soft-story retrofit. 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
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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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1438 14th Street
Santa Monica, CA
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