Skip To Content

1427 15th St

Santa Monica, CA 90404
  • $1,900,000
  • STATUS: Active Under Contract
  • ON SITE: 118 Days
  • MLS #: 24-451475
Under Contract
UPDATED: 21 min ago
$1,900,000
  • 18
    BEDS
  • 0.17
    ACRES
  • 13
    BATHS
  • 0
    1/2 BATHS
  • 8,623
    SQFT
  • $220
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1968
County:
Area:

School Ratings & Info

Description

RECEIVERSHIP SALE! Hearing Date: February 13, 2025 @ 8:30 AM. Final deadline for overbid offers January 31, 2025. We are pleased to present 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 $832 for 1 bedroom units and $988 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 7 vacant units (4 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 area's 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. NOTE: Property sale is subject to court confirmation including a 60-day appeal period and may be subject to overbid. As such, Seller cannot guarantee a particular sale date.

Monthly Payment Calculator



Based on information from the Combined LA/Westside Multiple Listing Service as of 2025-02-06T20:43:06.627. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
www.searchdesertrealestate.com/homes/156610427
Print Image

1427 15th St Santa Monica, CA 90404

  • Price: $1,900,000
  • Status: Active Under Contract
  • On Site: 118 Days
  • Updated: 21 min ago
  • MLS #: 24-451475
18
Beds
13
Baths
0
½ Baths
0.17
Acres
8,623
SQFT
$220
$/SQFT
1968
Built
Neighborhood:
Santa Monica
County:
Los Angeles
Area:
Santa Monica
Property Description
RECEIVERSHIP SALE! Hearing Date: February 13, 2025 @ 8:30 AM. Final deadline for overbid offers January 31, 2025. We are pleased to present 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 $832 for 1 bedroom units and $988 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 7 vacant units (4 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 area's 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. NOTE: Property sale is subject to court confirmation including a 60-day appeal period and may be subject to overbid. As such, Seller cannot guarantee a particular sale date.
Exterior Features

Levels Two Lot Size Area 7495 Other Structures None Parking Garage Covered Parking Total Parking 11

Interior Features

Cooling None Equipment Hood FanRange/OvenRefrigeratorWasherDryer Heating Wall

Property Features

Assessed Total Value 4530119 Disclosures Court Approval Required Gross Income 185028 Gross Operating Income 179477 Like Units1 1 Like Units2 2 Like Units3 4 Like Units4 3 Net Operating Income 119199.00 Number Of Buildings 1 Number Of Units 10 Owner Pays Water Sale Type Standard Source Living Area Vendor Enhanced Source Lot Size Area Assessor Total Annual Expense 60278 Type Of Units Apartments Water Heaters YN Yes Year Built Source Vendor Enhanced Zoning SMR3*

Listing provided courtesy of Benjamin J. Hsiang DRE#01438644 of Realty Investment Advisors, Inc.: .


Based on information from the Combined LA/Westside Multiple Listing Service as of 2025-02-06T20:43:06.627. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
 
https://bt-photos.global.ssl.fastly.net/carets/orig_boomver_1_24-451475-2.jpg https://bt-photos.global.ssl.fastly.net/carets/orig_boomver_1_24-451475-2.jpg https://bt-photos.global.ssl.fastly.net/carets/orig_boomver_1_24-451475-2.jpg
Logo
The John Jay Group - Bennion Deville Homes
74996 Highway 111
Indian Wells CA, 92210