1427 15th Street

Offering Memorandum

Santa Monica, CA 90402

Summary

10 UNITS

BUILT 1968

GROSS SF 8,623

LOT SF 7,495

Property Overview

Realty Investment Advisors presents 1427 15th Street, a prime multifamily investment in Santa Monica's vibrant mid-city area. This property offers 10 units, featuring a mix of one 3-bed 2-bath, two 2-bed 2-bath, four 2-bed 1-bath, and three 1-bed 1-bath residences, catering to a wide range of tenant preferences.

Located in the heart of mid-city Santa Monica, just blocks to Downtown Santa Monica, this property enjoys a central position, providing easy access to a wealth of amenities, including shopping, dining, and entertainment options.

Delivered with six vacant units, including three already renovated and three ready for transformation, this property presents an immediate value-add opportunity. The 10 parking spaces, consisting of one tandem, two single garages, and seven single spaces, ensure convenient parking options for residents.

With deed-restricted affordability status applying to the existing units, this property offers a unique advantage, ensuring a competitive entry price point while also giving investors the opportunity for substantial cash flow upside, particularly in tandem with the Section 8 program. Additionally, the potential to incorporate multiple Accessory Dwelling Units (ADUs), which may not bound by the deed restriction, provides an immediate opportunity for significant equity appreciation.

Santa Monica is known for its excellent schools, community parks, and a vibrant beach-town atmosphere. Benefitting also from its proximity to major employment centers, such as the thriving tech, entertainment, and creative sectors, this property attracts a diverse pool of potential tenants. 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.