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REDUCED -10 UNITS | SANTA MONICA
$2,450,000

For Sale
  • Summary
  • Location
  • Amenities

Realty Investment Advisors presents 1427 15th Street, a 10 unit apartment building in Santa Monica. Eight of the 10 units are deed-restricted to 30% AMI affordability, limiting rent levels on those 8 units to $757 for 1 bedroom units and $898 for 2 bedroom units. However, 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. Both of the market rate
units have been taken down to the studs and will be delivered vacant creating the perfect opportunity for a new owner to customize to their own specifications.
The top floor 3 bed 2 bath “owner’s unit” which offers incredible amazing city views from the balcony is PERFECT FOR AN OWNER/USER. The property includes a total of 11 parking spaces consisting of a tandem space, two 2-car garages, and seven single spaces. There is potential to convert the two-car garages into market-rate ADUs (Buyer to verify with the city). In total there are six vacant units (3 rent
ready and 3 gutted units). Santa Monica is known for its excellent schools, community parks, and a vibrant beach-town atmosphere. The mid-city areas 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.

  • Prime Santa Monica Investment Opportunity
  • Tremendous In-place Cash Flow
  • Immediate Value-Add with Vacancies
  • Potential for Significant Forced Equity by way of ADU’s
  • Thriving Silicon Beach Employment Hub
  • Robust Rental Market Potential

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