1115 14th St

The Neema Group at Marcus & Millichap and Arbor Realty are pleased to present a prime investment opportunity: the 23-unit 1115 SM Apartments located at 1115 14th St in the Wilshire Montana neighborhood of Santa Monica. Located between Wilshire Blvd & California Ave, this property features a desirable mix of one single ADU, five one-bedrooms, 14 two bedrooms, two three-bedrooms, and a four-bedroom penthouse and 33 parking spaces, including EV charging stations. There are also storage spaces above each of the parking spaces.
Ownership of 1115 14th St has carried out over $3.3 MM in cap ex since 2019 including full interior renovations of 14 units, enhancing them with luxury features such as stacked washers & dryers wide plank vinyl flooring, recessed lighting, modern cabinetry, quartz countertops, stainless steel appliances, HVAC, new paint, and smoothed ceilings. Unit 100, the single ADU, was completed in 2021.
Significant renovations to the common areas and systems have been made including upgraded plumbing, new windows (not retrofitted), professional hallways and lobby, installed solar, complete elevator upgrade, roof improvements, and utility improvements, among others.
The four-bedroom penthouse, Unit 306, recently underwent a $500k renovation. It spans two floors with a private key-locked elevator and a 360-degree rooftop deck. The gourmet kitchen features Thermador stainless steel appliances, a breakfast nook, and a large island ideal for entertaining. The open living room includes an electric fireplace, balcony access, and a wet-bar area. The primary bedroom has a walk-in closet and an ensuite with a freestanding tub and steam shower. Additional highlights include a home office, two powder rooms, ample
storage, surround sound, central heating/AC, a laundry room, and top-tier washer/dryer.
Each apartment has electric appliances with the exception of the penthouse. There are two common area laundry rooms for units without a washer & dryer.
This offering represents an exceptional opportunity to acquire a well-maintained property with no deferred maintenance and strong existing cash flow with an additional 35% rental upside achievable as units turn and the proven renovation plan is continued.
The property is being offered with favorable assumable financing – a $7.974 MM principal balance, interest only at a 2.90% interest rate,
maturing on 10/1/2030.
Premiere Santa Monica location within walking distance to desirable retail amenities along Wilshire Blvd including Vons, Rite Aid, Ulta Beauty, Target, La Puglia, Melisse Restaurant, and Huckleberry, among others. The property is less than a quarter mile from the UCLA
Santa Monica Medical Center as well.
Ideal location for residents to commute to nearby employment hubs and commutes to Downtown Santa Monica, Brentwood, West
LA, Century City, Venice, and Marina del Rey
Santa Monica continues to be one of the most attractive submarkets for investors with continued rent growth and consistent
appreciation.