1115 14Th Street

Description

This is a prime investment opportunityat 1115 14th St, a 23-unit apartment complex located in the prestigious Wilshire Montana neighborhoodof Santa Monica. This well-maintained property boasts a desirable unit mix consisting of one single ADU,five one-bedroom units, 14 two-bedroom units, two three-bedroom units, and a four-bedroom penthouse,complemented by 33 parking spaces, including EV charging stations and above-parking storage spaces.Ownership has invested over $3.3 million in capital improvements since 2019, including the full renovationof 14 units featuring luxury upgrades such as stacked washers and dryers, wide plank vinyl flooring, recessedlighting, modern cabinetry, quartz countertops, stainless steel appliances, HVAC, and smoothed ceilings.Additionally, significant enhancements to the common areas and building systems have been made, includingplumbing, solar installation, complete elevator upgrade, and roofing improvements.The standout feature of the property is the four-bedroom penthouse, which underwent a $500k renovation.This two-story unit features a private, key-locked elevator, a 360-degree rooftop deck, a gourmet kitchen,an open living room with balcony access, and luxury amenities such as a home office, laundry room, andsteam shower.With no deferred maintenance and strong existing cash flow, the property presents an additional 35%rental upside through continued unit turnovers and renovations. The offering includes favorable assumablefinancing with a $7.974 million principal balance, interest-only at a 2.90% rate, maturing in 2030.Located just blocks from premier retail amenities along Wilshire Blvd and close to the UCLA Santa MonicaMedical Center, 1115 14th St offers an ideal living environment for residents commuting to employment hubsacross Santa Monica, Brentwood, West LA, and beyond. The Santa Monica submarket continues to be highlyattractive for investors due to consistent rent growth and property value appreciation.This is a unique opportunity to acquire a high-performing asset in one of Southern California's most soughtafterneighborhoods.

Listing information courtesy of: Neema Ahadian, Marcus & Millichap . *Based on information from the Association of REALTORS/Multiple Listing as of 10/22/2024 and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. 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.