The subject property is a 6-unit apartment building located at 1754 15th Street in the Mid-City area of Santa Monica. Built in 1962 on a large 7,493 square foot lot zoned SMR2, the building consists of six 2-bedroom, 1-bathroom units totaling approximately 5,408 square feet, including two larger units of roughly 1,025 square feet. Two units have been remodeled, and the property is 100% occupied with covered parking. The generous lot also creates meaningful ADU potential: the tuck-under parking and multiple large storage rooms connected to the garage could be converted into accessory dwelling units, giving a new owner a path to additional rental income. Ownership has invested approximately $137,000 in capital improvements since 2016, taking care of many of the major items a buyer would otherwise face. Recent work includes a seismic retrofit compliant with Santa Monica's soft-story ordinance, a new main electrical panel with new sub-panels in each unit, SB 721 balcony inspection with the staircase rebuilt and recoated, full copper repipe, a recoated roof with a new roof treatment, new rain gutters, a new rear concrete driveway, and an upgraded security camera system. Current rents average about $2,041 per unit, while comparable 2-bedroom units in Santa Monica average significantly more. Pro forma rents of $3,000 represent approximately 51% upside and a 7.05% cap rate as units turn over. The property sits just south of Olympic Boulevard, within walking distance of the Expo Line's 17th Street/SMC station and Santa Monica College. UCLA Santa Monica Medical Center and Providence Saint John's Health Center are each about a mile away, with downtown Santa Monica and the 10 Freeway close by. In one of the most supply-constrained rental markets in Los Angeles County, 1754 15th Street offers an investor a well-located, all 2-bedroom building with a long runway of rental growth.

Listing courtesy of William James of Lyon Stahl Investment Real Estate, Inc.

Based on information from the The MLS as of 2026-11-09 11:56 PM UTC. 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.