Off-Market Investment Opportunity in Santa Monica
🏠 Multi-Family Property | Duplex
💰 Off-Market
🛏 5 Bedrooms | 3 Bathrooms
📐 2,114 Sq Ft Living Space | 7,523 Sq Ft Lot
🚗 2-Car Garage | 2 Units
This off-market multi-family property in the heart of Santa Monica presents an incredible investment opportunity! The property features:
- Unit 1: 3 beds, 2 baths, 1,251 Sq. Ft
- Unit 2: 2 beds, 1 bath, 763 Sq. Ft
The property was built in 1944 and has been well-maintained, with separate meters for electric and gas. Zoned SMR2, it offers versatility for investors looking to maximize rental income. Potential for value-add improvements to increase the cash flow or reposition the asset in a prime market.
ADU Potential: The detached 2-car garage can be converted into an ADU, offering additional rental income. Additionally, there’s potential for a Junior ADU conversion, providing even more opportunities to increase the property's value and maximize its rental potential.
💲 Estimated Value: $2,150,000
Property Details:
- Subdivision Name: SANTA MONICA
- Living Sq. Ft.: 2,114
- Number of Units: 2
- Lot Size: 7,523 Sq Ft
- Zoning Code: SMR2
- Lot Number: H, Block Number: 184
- Year Built: 1944, Renovated: 1946
- APN: 4282035008
- Assessed in 2023
- No basement, not accessible
Investor Highlights:
- Located in a highly desirable Santa Monica neighborhood
- Strong rental demand with proximity to shops, dining, and schools
- ADU and Junior ADU potential for increased cash flow
- Zoned for multi-family use (R2), allowing for two-family dwellings, ADUs, senior housing, and more
- Conditional land uses include bed and breakfasts, group residential, child care facilities, elderly care, and more
- Low operating expenses with separate utilities for each unit
Permitted Uses (R2 Zoning):
- Accessory dwelling unit (ADU)
- Junior accessory dwelling unit (JADU)
- Duplex
- Senior citizen multiple unit residential
- Single room occupancy housing
- Supportive housing
- Transitional housing
Investment Potential: Santa Monica remains one of the most coveted areas in Los Angeles County, and this multi-family property is poised to appreciate further. Whether you’re looking to hold or flip, this deal offers excellent upside with the added potential of converting the garage into an ADU and Junior ADU.
1538 16th St, Santa Monica, CA 90404 Back Unit Walkthrough
1538 16th St, Santa Monica, CA 90404 Front Unit Walkthrough
1538 16th St, Santa Monica, CA 90404 Lot Walk Through
1538 16th St, Santa Monica, CA 90404 Street View
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