10-Unit Apartment
For Sale
$2,600,000
1434 15th St, Santa Monica, CA 90404
Consistent one-bedroom layouts, renovated interiors, on-site laundry, and multiple parking options support straightforward apartment operations.
Property Size6,812 SF
Days on Market49
Property Features for 1434 15th St
General Information
Standard status
Active
Size
6,812 SF
Property subtype
Multifamily
Financials
Cap Rate
5.8%
Average Monthly Rent
$2,007
Site & Location
Neighborhood
Pico
Public Transit
Yes
Units
Unit Mix
10 x 1BR/1BA
Multifamily Units
10
Amenities
on-site laundry
10-unit multifamily asset in Santa Monica's Mid-City neighborhood, one of the Westside's strongest and most consistent rental markets.
Built in 1957, the property is comprised entirely of ten 1-bedroom/1-bathroom units at approximately 650 square feet each.
Several units have been extensively renovated with granite countertops, brand new appliances, new flooring, and fresh paint.
Building Details
Building Size
6,812 SF
Year Built
1957
Units
10
Listing Agency:
Marcus & Millichap
Listed By:
Neema Ahadian · License #License(s): CA: 01346750
(310) 909-5444
Source:
Marcusmillichap
Added: Sep 19
Changed: Oct 25
Last Checked: Nov 4 at 9:36AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap
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Investment Insights
Based on property information with market context.
This 10-unit apartment building in Santa Monica’s Mid-City neighborhood was built in 1957 and contains ten one-bedroom, one-bath units of approximately 650 square feet each. Several residences feature granite countertops, new appliances, flooring, and paint, while two units are vacant at closing. Select apartments also have new electrical subpanels. The exterior has been freshly repainted, and on-site laundry equipment provides an additional operating feature.
Parking includes six rear spaces, additional front spaces, and private street-front garages currently used for storage. The property is near the Metro E Line at 17th St/SMC, Santa Monica College, Wilshire Boulevard retail and dining, and the beach, which is just over a mile away. The asset carries a 5.80% current cap rate and a 7.85% pro forma cap rate.
Parking includes six rear spaces, additional front spaces, and private street-front garages currently used for storage. The property is near the Metro E Line at 17th St/SMC, Santa Monica College, Wilshire Boulevard retail and dining, and the beach, which is just over a mile away. The asset carries a 5.80% current cap rate and a 7.85% pro forma cap rate.
Key Highlights
- 10‑unit building with ten 1‑bedroom/1‑bathroom apartments
- Approximately 650 square feet per unit
- Two vacant units delivered at close of escrow
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$109,611
Cap Rate
4.22%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,192,220
$2.2M
Cap Rate 7%
$1,565,871
$1.6M
Cap Rate 9%
$1,217,900
$1.2M
Market Conditions
NOI Build-Up for 6,812 SF
Gross rent
$216.6K $31.80/SF
− Vacancy
−$17.3K −$2.54/SF
EGI
$199.3K $29.26/SF
− OpEx
−$89.7K −$13.17/SF
NOI
$109.6K $16.09/SF
Area
Los Angeles County, CA
Vacancy
8.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,192,220
Cap Rate 7%
$1,565,871
Cap Rate 9%
$1,217,900
Alternative Uses
Best Use
Apartment 5plus
$1.57M
$1.37M – $1.83M
NOI $109,611 @ 7.0% cap · market cap 4.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.65M
$3.19M – $4.25M
NOI $255,298 @ 7.0% cap · market cap 9.82%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
9,627
Businesses Nearby
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Business Placement
Demographics for 90404, CA
21,995
Population
11,499
Households
1.9
Avg Household Size
39
Median Age
59%
College-Educated
90%
High-School Grad
2.0 sq mi
ZIP Area
10,998
Density / Sq Mi
$85,081
Median Household Income
$66,349
Median Earnings
$2,095
Median Rent
$1,159,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Consistent one-bedroom layouts, renovated interiors, on-site laundry, and multiple parking options support straightforward apartment operations.
Where is this apartment building located?
The property is located at 1434 15th St Santa Monica, CA.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: 10‑unit building with ten 1‑bedroom/1‑bathroom apartments; Approximately 650 square feet per unit; Two vacant units delivered at close of escrow
