1118 15th St., Santa Monica, California 90403, Santa Monica, 90403 - 0 bed, 0 bath
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1118 15th St.
Santa Monica, California 90403
ACTIVE
CONDITION: POOR
0Beds
0Baths
5,335Sq Ft
7,496Lot Size
Property Price
LIST PRICE$3,350,000
EST. MARKET VALUE
$3,165,311
5% AboveMARKET VALUE
SUMMARY
This 1937 Spanish-style High-Potential Investment Opportunity is listed at $3,350,000, positioned well above the $3,165,312 Fair Market Value by -5%. Featuring a Condition Rating of 5, the property requires significant capital for modernization, yet offers substantial upside through its 5,335 sqft footprint and prime location near UCLA Santa Monica and top-rated schools like Franklin Elementary. This asset is ideal for Buy-and-Hold Investors or Value-Add Developers seeking to capitalize on the high rental demand in this historic Santa Monica corridor.
Estimated Market Value
$3,165,311
Based on Realkey algorithm analyzing recent comparable sales in Santa Monica.
Comparable Sales Map
Comparables within 1 miles sold in recently
Map unavailable.
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1118 15th St. Subject | $3,350,000* List Price | 0 | 0 | 5,335 | $593 | - |
A 943 19th Active | $4,000,000 List Price | 0 | 0 | 7,180 | $557 | 0.4 mi |
* Subject property listed price vs sold prices of comps.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Poor
TeardownExcellent
Property is extensive renovation needed.
Built in 1937, this property shows significant signs of age with kitchens and bathrooms that appear to be 30-50 years old and in need of a full gut renovation. The listing description explicitly mentions the need for upgrades to reach its potential cap rate, and visual evidence shows dated cabinetry, worn tile, and aging systems throughout.
PROSSTRENGTHS & OPPORTUNITIES
- Great Schools
Elementary School: Franklin Elementary School (9/10).
- Prime Santa Monica Location
The property is ideally situated near major medical centers like UCLA Santa Monica and the VA, high-end shopping, and top-rated schools, ensuring consistent rental demand and long-term appreciation.
- Historic Architectural Appeal
This 1937 Spanish-style building offers unique character with high ceilings, abundant natural light, and period-specific details that distinguish it from modern developments.
CONSRISKS & DEFICIENCIES
- Immediate Capital Requirement
The property requires significant upgrades to achieve its full income potential, necessitating a buyer with ready capital for renovations beyond the initial purchase price.
- Aging Infrastructure
Built in 1937, the building likely features vintage systems that may require costly modernization to meet current building codes and modern tenant expectations for efficiency and comfort.
About 1118 15th St.
Historical Spanish style property close to shopping, transportation, SOFI Stadium, hospitals, including Santa Monica UCLA Hospital and other medical buildings, West Los Angeles VA Medical Center, and others. The apartments are very spacious and with high ceilings, with a lot of natural light that flows throughout, and they have nice details from the 1930s era! In the back of the property are 5 carport spaces with storage cabinets. Upon doing some upgrades, this huge property has an approximate cap rate of 5.2%.
Property Details
Public Facts
- Property Type
- Mixed Use
- Year Built
- 1937
- Lot Size
- 7,496 Sq. Ft.
Interior
- Total Bedrooms
- 0
- Total Bathrooms
- -
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Santa Monica Unified Schools
Roosevelt Elementary School
Grades K-5 • 0.7 mi
8/10
Franklin Elementary School
Grades PK-5 • 0.8 mi
9/10
Lincoln Middle School
Grades 6-8 • 0.1 mi
8/10
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 0.0 |
| Baths | 0.0 | 0.0 |
| Square foot | 5,335 | 9,962 |
| Lot Size | 7,496 | 7,512 |
| Price | $3.35M | $3.90M |
| Price per sq ft | $628 | $391 |
| Built year | 1937 | 1970 |
| HOA | $0 | $0 |
| Days on market | 41 | 116 |
Pricing History
Listed for Sale
Jul 30, 2026
$3,350,000
Initial Listing