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1502 Ocean Park, Santa Monica, California 90405, Santa Monica, 90405 - bed, bath

1502 Ocean Park, Santa Monica, California 90405 home-pic-0
ACTIVE$1,599,000$2,222/sqft
1502 Ocean Park, Santa Monica, California 90405
0Bed
0Bath
2,222Sqft
7,002Lot

Price Vs. Estimate

Estimation data not available

Key pros and cons

Top Pros:
Exceptional Location & Rarity: Located in a highly desirable, supply-constrained Santa Monica market, this 'trophy triplex' is a rare offering, having been family-owned for 60 years, indicating unique market positioning.
Top Cons:
Age of Construction: Built in 1940, the property, while maintained, may have aging infrastructure or systems in units not explicitly stated as remodeled, potentially leading to future capital expenditures.

Compared to the nearby listings

Price:$1.60M vs avg $1.65M ($-50,500)50%
Size:2,222 sqft vs avg 2,626.5 sqft50%
Price/sqft:$720 vs avg $64050%

More Insights

Built in 1940 (86 years old).
Condition: Built in 1940, this triplex shows signs of long-term maintenance and pride of ownership. However, only one of the three units has been 'completely remodeled,' as stated in the description and evidenced by the modern kitchen (white shaker cabinets, stainless steel appliances, LVP flooring) and updated living space shown in the images. The other two units are implied to be in an older, un-remodeled state. While the exterior appears well-kept, the partial modernization means that a significant portion of the property (2 out of 3 units) likely features outdated kitchens, bathrooms, and finishes, requiring substantial updates to meet current market expectations and achieve a 'good' or 'excellent' rating across all units. The presence of a wall heater in the remodeled unit also suggests a lack of central HVAC, which is common in older, even updated, properties.
Year Built
1940
Close
-
List price
$1.6M
Original List price
$1.6M
Price/Sqft
$720
HOA
-
Days on market
-
Sold On
-
MLS number
SB26007288
Home ConditionFair
Features
Patio
View-

About this home

A truly rare offering, this trophy triplex has been owned by the same family for approximately 60 years and reflects long-term pride of ownership. Properties of this caliber, stability, and provenance seldom come to market, making this an exceptional opportunity for the discerning investor seeking a generational asset. The property features a well-balanced unit mix consisting of a one-bedroom, one-bath unit of approximately 680 square feet, a two-bedroom, one-bath unit of approximately 823 square feet, and a second one-bedroom, one-bath unit of approximately 715 square feet. One of the one-bedroom units has been completely remodeled and includes its own private patio, adding meaningful lifestyle appeal and enhanced rental value. Each unit is equipped with its own private garage and individual laundry, amenities that are increasingly rare and highly desirable in today’s multifamily market. Set on a generously sized lot, the property offers strong in-place income with long-term appreciation potential in a supply-constrained location. A compelling opportunity to acquire a thoughtfully maintained, legacy investment with enduring appeal.

J
Jane Sager
Listing Agent
Condition Rating
Fair
Built in 1940, this triplex shows signs of long-term maintenance and pride of ownership. However, only one of the three units has been 'completely remodeled,' as stated in the description and evidenced by the modern kitchen (white shaker cabinets, stainless steel appliances, LVP flooring) and updated living space shown in the images. The other two units are implied to be in an older, un-remodeled state. While the exterior appears well-kept, the partial modernization means that a significant portion of the property (2 out of 3 units) likely features outdated kitchens, bathrooms, and finishes, requiring substantial updates to meet current market expectations and achieve a 'good' or 'excellent' rating across all units. The presence of a wall heater in the remodeled unit also suggests a lack of central HVAC, which is common in older, even updated, properties.
Pros & Cons

Pros

Exceptional Location & Rarity: Located in a highly desirable, supply-constrained Santa Monica market, this 'trophy triplex' is a rare offering, having been family-owned for 60 years, indicating unique market positioning.
Robust Investment Opportunity: Positioned as a 'generational asset' with strong in-place income and significant long-term appreciation potential in a premium, high-demand market.
Premium Unit Amenities: Each unit benefits from highly desirable and rare features for multi-family properties, including a private garage and individual in-unit laundry facilities.
Demonstrated Pride of Ownership: The property reflects long-term pride of ownership, having been thoughtfully maintained by the same family for approximately 60 years, suggesting good upkeep.
Enhanced Rental Appeal: A balanced unit mix, including one completely remodeled unit with a private patio, enhances lifestyle appeal and rental value, attracting quality tenants.

Cons

Age of Construction: Built in 1940, the property, while maintained, may have aging infrastructure or systems in units not explicitly stated as remodeled, potentially leading to future capital expenditures.
Lack of Scenic Views: The property description explicitly states 'View: None,' which could be a disadvantage in a coastal Santa Monica location where scenic views often command a premium.
Partial Modernization: Only one of the three units is described as 'completely remodeled,' suggesting the other two units and common areas may require modernization to maximize rental income and appeal.
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