1031-1033 10th St 5 Unit Apartment Building $2,400,000 ($480,000/Unit) 3.58% Cap Rate Santa Monica, CA 90403

Nestled in the heart of Santa Monica’s prestigious North of Wilshire neighborhood, 1031–1033 10th Street presents a rare opportunity to acquire a five-unit multifamily asset in one of Southern California’s most stable and sought-after rental markets. Built circa 1950, this charming bungalow-style complex spans approximately 3,900 square feet of rentable space on a 7,503-square-foot lot, offering both long-term investment security and owner-user potential.
The property is ideally located just 10 blocks from the beach and Palisades Park, and within walking distance to Montana Avenue’s upscale boutiques, cafés, and restaurants. Residents benefit from proximity to top-rated schools such as Lincoln Middle School and St. Monica Catholic School, enhancing its appeal to families seeking community charm and educational access.
Zoned SMR2, the site offers value-add potential including the possibility to redevelop into a larger multifamily project with up to 10 units (including affordable housing), or to convert existing units into condominiums. Covered garages may also be repurposed into ADUs, further enhancing income potential. With a Walk Score of 86 and Bike Score of 95, the location supports a vibrant, car-optional lifestyle.
Currently generating a gross income of $139,452 and a net operating income of $86,018, the property is offered at $2,400,000 with a cap rate of 3.58%. This is a compelling opportunity for investors seeking a blend of coastal living, urban convenience, and upside potential in a high-demand rental corridor.