$ 3,500,000
1438 14th Street Santa Monica, CA 90404
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$ 3,500,000
Est. payment | /mo
8,498 SqFt
$ 3,500,000
Est. payment | /mo
8,498 SqFt
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 8,498 sqft
Price per Sqft $411
MLS Listing ID CL24458595
HOA Y/N No
Year Built 1967
Lot Size 7,491 Sqft
Acres 0.17
Property Description
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!
Location
State CA
County Los Angeles
Area Listing
Zoning SMR3
Interior
Heating Natural Gas
Cooling None
Fireplace No
Laundry Community Facility
Exterior
View Y/N true
View Greenbelt
Building
New Construction No
Others
Tax ID 4282022008
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Listed by David Putnam • Berkshire Hathaway HomeServices California Properties
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