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210 California Ave 11 Unit Apartment Building $5,650,000 ($513,636/Unit) 7.51% Cap Rate Santa Monica, CA 90403
INVESTMENT HIGHLIGHTS
- COMPLETELY VACANT COASTAL ASSET
- IRREPLACEABLE SANTA MONICA LOCATION
- IDEAL OWNER-USER OPPORTUNITY
- PRIME COASTAL REDEVELOPMENT & VALUE-ADD OPPORTUNITY
- FLEXIBLE VALUE-ADD OR REDEVELOPMENT PLAY
- PREMIER A+++ CORNER LOCATION ONE BLOCK FROM OCEAN AVENUE
EXECUTIVE SUMMARY
210 California Ave presents a fully vacant coastal multifamily opportunity located in Santa Monica’s premier 90403 neighborhood—one of Los Angeles’ most supply-constrained and highest-demand rental markets. Withdrawn under the Ellis Act in 2019, the property has completed all required timelines and is now eligible to be reintroduced at full market rents. Built in 1962, this 9,346 SF, 11-unit building sits on a 7,498 SF corner lot just one block from Ocean Avenue, with partial ocean views on select units. 210 California offers investors a rare blank-canvas value-add or redevelopment play in a trophy coastal location.
The existing unit mix—six 2BD/2BA units, four 1BD/1BA units, and one studio—supports multiple repositioning strategies, from premium interior renovations to a full reconfiguration or entitlement-driven redevelopment (buyer to verify). With all units delivered vacant, investors can immediately begin rehabilitation and execute a streamlined lease-up at prevailing Santa Monica rents, supported by strong tenant demand, high household incomes, and strict long-term supply constraints.
Situated steps from the beach, Palisades Park, Montana Avenue, and the 3rd Street Promenade, the asset benefits from exceptional walkability, affluent demographics, and resilient rental fundamentals. This is a highly executable coastal value-add opportunity with significant NOI growth potential and durable long-term equity.
The existing unit mix—six 2BD/2BA units, four 1BD/1BA units, and one studio—supports multiple repositioning strategies, from premium interior renovations to a full reconfiguration or entitlement-driven redevelopment (buyer to verify). With all units delivered vacant, investors can immediately begin rehabilitation and execute a streamlined lease-up at prevailing Santa Monica rents, supported by strong tenant demand, high household incomes, and strict long-term supply constraints.
Situated steps from the beach, Palisades Park, Montana Avenue, and the 3rd Street Promenade, the asset benefits from exceptional walkability, affluent demographics, and resilient rental fundamentals. This is a highly executable coastal value-add opportunity with significant NOI growth potential and durable long-term equity.
FINANCIAL SUMMARY (PRO FORMA - 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 (PRO FORMA - 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
| Price | $5,650,000 | Property Subtype | Apartment |
| Price Per Unit | $513,636 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 7.51% | Lot Size | 0.17 AC |
| Sale Condition | High Vacancy Property | Building Size | 9,346 SF |
| Gross Rent Multiplier | 8.9 | No. Stories | 2 |
| No. Units | 11 | Year Built | 1962 |
| Property Type | Multifamily | Parking Ratio | 0.96/1,000 SF |
| Zoning | SMR3* - high density multiple-family residential district | ||
| Price | $5,650,000 |
| Price Per Unit | $513,636 |
| Sale Type | Investment |
| Cap Rate | 7.51% |
| Sale Condition | High Vacancy Property |
| Gross Rent Multiplier | 8.9 |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 9,346 SF |
| No. Stories | 2 |
| Year Built | 1962 |
| Parking Ratio | 0.96/1,000 SF |
| Zoning | SMR3* - high density multiple-family residential district |
AMENITIES
UNIT AMENITIES
- Kitchen
SITE AMENITIES
- 24 Hour Access
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | - | 450 |
| 1+1 | 4 | - | 700 |
| 2+2 | 6 | - | 1,025 |
1 1
Walk Score®
Walker's Paradise (92)
Transit Score®
Excellent Transit (74)
Bike Score®
Very Bikeable (84)
PROPERTY TAXES
| Parcel Number | 4292-021-020 | Improvements Assessment | $836,637 |
| Land Assessment | $4,462,074 | Total Assessment | $5,298,711 |
PROPERTY TAXES
Parcel Number
4292-021-020
Land Assessment
$4,462,074
Improvements Assessment
$836,637
Total Assessment
$5,298,711
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210 California Ave
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