1937 17th St 6 Unit Apartment Building $2,250,000 ($375,000/Unit) 5.10% Cap Rate Santa Monica, CA 90404

The subject property is a six-unit apartment offering located at 1937 17th Street in Santa Monica. Built in 1948 and zoned SMR2, the asset consists of (1) 3-Bedroom / 1.5-Bath unit and (5) 2-Bedroom / 1-Bath units, including a detached 2-Bedroom / 1-Bath single-family dwelling, totaling 4,840 rentable square feet on a 7,746 SF lot. Four of the six units have been renovated. The property has been well maintained and improved with new roofs across its two structures and updated electrical, reducing near-term capital needs for a new owner. Parking is a standout feature, with a 2-car garage plus 8 uncovered spaces for 10 total spaces, and the 2-car garage offers ADU potential to further boost income.
Positioned in a great Santa Monica location, the property sits within easy reach of Santa Monica College, Whole Foods, the Pico corridor retail, and the Bergamot ExpoLine station, giving tenants a direct rail link to Downtown Santa Monica, Century City, and Downtown Los Angeles. The Santa Monica beach and pier are minutes to the west. Santa Monica remains a supply-constrained, high-demand rental market with deep renter demand from the Silicon Beach tech corridor and the long-term durability that defines Westside multifamily.