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1236 21st St 5 Unit Apartment Building $2,800,000 ($560,000/Unit) 5.49% Cap Rate Santa Monica, CA 90404
Executive Summary
***OFFER DEADLINE MONDAY 1/26 3PM*** BUYERS THAT SUBMIT OFFERS WILL BE INVITED TO A SELLER SPONSORED INSPECTION WED 1/28 12PM TO HAVE AN OPPORTUNITY TO COME BACK WITH A BEST AND FINAL OFFER AFTER ALL OF THE DUE DILIGENCE ITEMS AND INSPECTION REPORTS HAVE BEEN REVIEWED***. Rare Santa Monica Value-Add Opportunity – 5 Units with Major Vacancy
Located on a prime stretch of 21st Street between Wilshire Boulevard and Arizona Avenue, just steps from St. John’s Hospital, this exceptional 5-unit multifamily property presents a rare opportunity for investors and owner-users alike.
?? 4 out of the 5 units DELIVERED VACANT! ??
Opportunities like this are extremely rare in Santa Monica, making this asset ideal for a value-add investor or an owner-user seeking flexibility, upside, and long-term appreciation in one of the Westside’s most desirable rental markets.
Unit Mix
• (1) Spacious 3 Bedroom / 2 Bathroom townhouse-style unit – Delivered vacant and ready for a full remodel, offering significant upside.
• (4) Well-laid-out 2 Bedroom / 2 Bathroom units – Rent-ready in their current condition.
• All units feature dishwashers
Property Features
• On-site laundry room
• Dedicated storage areas
• Separately metered units
• Ample on-site parking located at the rear of the property
Affordable Unit
• (1) unit is designated “Affordable”
• Previous tenant (recently vacated) was paying $3,080/month, providing strong baseline income with vacancy flexibility.
Investment Highlights
• Exceptional vacancy upside in a tightly controlled rent market
• Prime Santa Monica location near medical, retail, dining, and transit
• Ideal for value-add investors or owner-users
• Rare chance to acquire a Santa Monica property with this level of immediate control
This is a unique opportunity to reposition a multifamily asset in one of the most sought-after rental markets in Southern California.
Properties with this many vacant units in Santa Monica are nearly unheard of — this will not last.
Located on a prime stretch of 21st Street between Wilshire Boulevard and Arizona Avenue, just steps from St. John’s Hospital, this exceptional 5-unit multifamily property presents a rare opportunity for investors and owner-users alike.
?? 4 out of the 5 units DELIVERED VACANT! ??
Opportunities like this are extremely rare in Santa Monica, making this asset ideal for a value-add investor or an owner-user seeking flexibility, upside, and long-term appreciation in one of the Westside’s most desirable rental markets.
Unit Mix
• (1) Spacious 3 Bedroom / 2 Bathroom townhouse-style unit – Delivered vacant and ready for a full remodel, offering significant upside.
• (4) Well-laid-out 2 Bedroom / 2 Bathroom units – Rent-ready in their current condition.
• All units feature dishwashers
Property Features
• On-site laundry room
• Dedicated storage areas
• Separately metered units
• Ample on-site parking located at the rear of the property
Affordable Unit
• (1) unit is designated “Affordable”
• Previous tenant (recently vacated) was paying $3,080/month, providing strong baseline income with vacancy flexibility.
Investment Highlights
• Exceptional vacancy upside in a tightly controlled rent market
• Prime Santa Monica location near medical, retail, dining, and transit
• Ideal for value-add investors or owner-users
• Rare chance to acquire a Santa Monica property with this level of immediate control
This is a unique opportunity to reposition a multifamily asset in one of the most sought-after rental markets in Southern California.
Properties with this many vacant units in Santa Monica are nearly unheard of — this will not last.
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts In Escrow
| Price | $2,800,000 | Apartment Style | Low-Rise |
| Price Per Unit | $560,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.15 AC |
| Cap Rate | 5.49% | Building Size | 5,786 SF |
| Gross Rent Multiplier | 12.36 | No. Stories | 2 |
| No. Units | 5 | Year Built | 1986 |
| Property Type | Multifamily | Parking Ratio | 1.56/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | SMR2* | ||
| Price | $2,800,000 |
| Price Per Unit | $560,000 |
| Sale Type | Investment |
| Cap Rate | 5.49% |
| Gross Rent Multiplier | 12.36 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 5,786 SF |
| No. Stories | 2 |
| Year Built | 1986 |
| Parking Ratio | 1.56/1,000 SF |
| Zoning | SMR2* |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2.5 | 1 | $5,275 | - |
| 2+2 | 4 | $19,051 | - |
1 1
Walk Score®
Walker's Paradise (93)
Bike Score®
Biker's Paradise (93)
Property Taxes
| Parcel Number | 4276-014-008 | Improvements Assessment | $786,700 |
| Land Assessment | $568,480 | Total Assessment | $1,355,180 |
Property Taxes
Parcel Number
4276-014-008
Land Assessment
$568,480
Improvements Assessment
$786,700
Total Assessment
$1,355,180
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1236 21st St
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