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1233 14th St 8 Unit Apartment Building $3,200,000 ($400,000/Unit) 5.79% Cap Rate Santa Monica, CA 90404
INVESTMENT HIGHLIGHTS
- 3 Vacant Units + Expected Approved Permits for 2 ADUs (Detached 5-Car Garage)
- 12.16 GRM
- 6 Remodeled Units - Washer/Dryer in ALL units
- Prime Santa Monica - Just South of Wilshire
EXECUTIVE SUMMARY
1233 14th Street is an 8-unit apartment building with strong in-place upgrades and clear upside. The property features six 1-bedroom units and two 2-bedroom units, with six apartments renovated to modern standards including recessed lighting, updated kitchens and bathrooms, new flooring, and in-unit washer/dryers throughout. New electrical systems were completed in 2024. Additional value is created through the planned conversion of the detached garages into approximately 425 square foot 1-bedroom ADUs, adding two units and 850 square feet to the property. The project is currently in plan check with the city under Plan Check No. 25BLD-0352, offering a defined path to increased income and density.
PROPERTY FACTS
| Price | $3,200,000 | Apartment Style | Low-Rise |
| Price Per Unit | $400,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 5.79% | Building Size | 5,536 SF |
| Gross Rent Multiplier | 12.16 | Average Occupancy | 63% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1952/2025 |
| Property Subtype | Apartment | Parking Ratio | 0.9/1,000 SF |
| Zoning | SMR3 - SMR3* | ||
| Price | $3,200,000 |
| Price Per Unit | $400,000 |
| Sale Type | Investment |
| Cap Rate | 5.79% |
| Gross Rent Multiplier | 12.16 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 5,536 SF |
| Average Occupancy | 63% |
| No. Stories | 2 |
| Year Built/Renovated | 1952/2025 |
| Parking Ratio | 0.9/1,000 SF |
| Zoning | SMR3 - SMR3* |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Washer/Dryer Hookup
- Heating
- Oven
- Range
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 6 | - | 500 - 700 |
| 2+1 | 2 | - | 500 - 700 |
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Walk Score®
Walker's Paradise (91)
Transit Score®
Excellent Transit (72)
Bike Score®
Biker's Paradise (96)
PROPERTY TAXES
| Parcel Number | 4282-003-015 | Improvements Assessment | $447,372 |
| Land Assessment | $2,236,860 | Total Assessment | $2,684,232 |
PROPERTY TAXES
Parcel Number
4282-003-015
Land Assessment
$2,236,860
Improvements Assessment
$447,372
Total Assessment
$2,684,232
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1233 14th St
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