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2218 24th St 5 Unit Apartment Building $2,950,000 ($590,000/Unit) 4.84% Cap Rate Santa Monica, CA 90405
Investment Highlights
- Located in one of Santa Monica's most desirable rent neighborhoods, walkable to Whole Foods, Trader Joes, Bergamot Expo Line Station
- Detached 2 bed, 1.5 bath + office front house totaling 1,316 sf offers an owner-user opportunity
- Generous 7,514 sf lot zoned SMR1 is more than double the building footprint, providing tenant outdoor space and long-term flexibility
- Walker's Paradise, in close proximity to shops, dining, entertainment, schools and Santa Monica College
- Five on-site parking spaces(2-car garage, 3 uncovered), a rare amenity for a 5 unit Santa Monica property
Executive Summary
The subject property is a five-unit residential income asset located at 2218 24th Street in the Sunset Park neighborhood of Santa Monica. Built in 1947 and zoned SMR1, the asset consists of a (1) 2-Bedroom / 1.5-Bath + Office front house, (3) 1-Bedroom / 1-Bath units, and (1) Bachelor / 1-Bath unit, totaling 3,412 rentable square feet on a 7,514 SF lot. The property is 100% occupied with substantial in-place rental upside, sitting just blocks from Whole Foods, Trader Joe’s, the Bergamot Expo Line station, and the Santa Monica beach.
Positioned just blocks from Whole Foods Market, Trader Joe’s, and the Bergamot Expo Line station, the property benefits from one of the Westside’s most walkable submarkets, a quiet residential pocket with limited new supply, strong renter demand, and the long-term durability that defines Santa Monica multifamily.
Positioned just blocks from Whole Foods Market, Trader Joe’s, and the Bergamot Expo Line station, the property benefits from one of the Westside’s most walkable submarkets, a quiet residential pocket with limited new supply, strong renter demand, and the long-term durability that defines Santa Monica multifamily.
Property Facts
| Price | $2,950,000 | Apartment Style | Low-Rise |
| Price Per Unit | $590,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 4.84% | Building Size | 3,412 SF |
| Gross Rent Multiplier | 13.94 | Average Occupancy | 100% |
| No. Units | 5 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1947 |
| Property Subtype | Apartment | Parking Ratio | 1.47/1,000 SF |
| Zoning | SMR1 | ||
| Price | $2,950,000 |
| Price Per Unit | $590,000 |
| Sale Type | Investment |
| Cap Rate | 4.84% |
| Gross Rent Multiplier | 13.94 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 3,412 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1947 |
| Parking Ratio | 1.47/1,000 SF |
| Zoning | SMR1 |
Amenities
Unit Amenities
- Ceiling Fans
- Refrigerator
Site Amenities
- Gated
- Gas Range
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | $2,600 | - |
| 1+1 | 3 | $3,450 | - |
| 2+1.5 | 1 | $6,900 | - |
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Very walkable
80/100
Very drivable
80/100
Some public transit
50/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 4273-007-003 | Improvements Assessment | $307,750 |
| Land Assessment | $2,122,416 | Total Assessment | $2,430,166 |
Property Taxes
Parcel Number
4273-007-003
Land Assessment
$2,122,416
Improvements Assessment
$307,750
Total Assessment
$2,430,166
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