1438 14th St
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1438 14th St
10 Unit Apartment Building $3,500,000 ($350,000/Unit) 4.30% Cap Rate Santa Monica, CA 90404
Investment Highlights
- 12.5 X Gross with MARs in place! $350,000 per unit. 30-45% upside in rents.
Executive Summary
First time on the market! Great value-add opportunity on this very well maintained 10 unit property. Some rents can be raised to the MARs (Buyer to confirm with Santa Monica Rent Control). There are (6) 2 bedrooms/1 3/4 bathrooms and (4) 1 bedroom/1 bathroom apartments.12 car parking. The 2 front units are split level with high ceilings. Good long term upside in rents. Close to restaurants and shopping in sunny Santa Monica!
Gross Annual Income using current rents is $237,884. This should improve to approximately $250,352 with the several rents which can be raised to match MARs. The Gross Income, GRM and Cap rate below are based on $250,352 Gross. See current Rent Roll with potential increases (see documents tab). Property will need softstory retrofit. Seller has provided two contractor proposals (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!
Gross Annual Income using current rents is $237,884. This should improve to approximately $250,352 with the several rents which can be raised to match MARs. The Gross Income, GRM and Cap rate below are based on $250,352 Gross. See current Rent Roll with potential increases (see documents tab). Property will need softstory retrofit. Seller has provided two contractor proposals (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!
Financial Summary (Pro forma - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $3,500,000 | Apartment Style | Low Rise |
| Price Per Unit | $350,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 4.30% | Building Size | 8,498 SF |
| Gross Rent Multiplier | 14 | No. Stories | 2 |
| No. Units | 10 | Year Built | 1967 |
| Property Type | Multifamily | Parking Ratio | 1.18/1,000 SF |
| Property Subtype | Apartment |
| Price | $3,500,000 |
| Price Per Unit | $350,000 |
| Sale Type | Investment |
| Cap Rate | 4.30% |
| Gross Rent Multiplier | 14 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 8,498 SF |
| No. Stories | 2 |
| Year Built | 1967 |
| Parking Ratio | 1.18/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 6 | - | - |
| 1+1 | 4 | - | - |
Walk Score ®
Walker's Paradise (90)
Transit Score ®
Excellent Transit (73)
Bike Score ®
Biker's Paradise (97)
PROPERTY TAXES
| Parcel Number | 4282-022-008 | Improvements Assessment | $147,719 (2024) |
| Land Assessment | $206,813 (2024) | Total Assessment | $354,532 (2024) |
PROPERTY TAXES
Parcel Number
4282-022-008
Land Assessment
$206,813 (2024)
Improvements Assessment
$147,719 (2024)
Total Assessment
$354,532 (2024)
zoning
| Zoning Code | SMR3* |
| SMR3* |
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1438 14th St
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