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2648 23rd St 8 Unit Apartment Building $3,200,000 ($400,000/Unit) 5.50% Cap Rate Santa Monica, CA 90405
Investment Highlights
- Six one car garages and one carport. . Individually metered, installed gas shutoff valves, and does not require seismic retrofitting
- Property improvements include a brand-new roof and gutters, copper plumbing, a waterproof deck over the garages, and beautifully designed landscaping
- Potential ADU opportunity; buyer to conduct independent investigation
- Each unit has its own water heater, back door, generous floor plans, and ample closet space.
- Seven of the eight units have been upgraded including SPC flooring, faux wood blinds, kitchen cabinets, new countertops, and gas stoves.
Executive Summary
Beautiful Mid Century Modern 8-unit multifamily property in Santa Monica’s happening Sunset Park neighborhood on a large 9,283 square foot corner lot.
Consists of four 2-bedroom/1-bath units and four 1-bedroom/1-bath units, with six 1-car garages and one carport. Built in 1949, approximately 6,294 square feet
of building area. Sunset Park is happening with a strong rental demand, neighborhood shops and restaurants, nearby employment hubs, and proximity to Silicon Beach. The property is close to Santa Monica College, Bergamot Station, the Metro, Santa Monica’s office parks, and the broader Westside employment corridor. Santa Monica remains
one of Southern California’s most desirable coastal rental markets, known for its lifestyle, beaches, restaurants, shopping, entertainment, schools, and access to
major technology and media employers. Nearby communities include Venice Beach, Marina del Rey, Playa Vista, Brentwood, Westwood, Pacific Palisades, and West Los
Angeles. Drive by only. Do not disturb tenants. For more detailed information please see Offering Memorandum
Consists of four 2-bedroom/1-bath units and four 1-bedroom/1-bath units, with six 1-car garages and one carport. Built in 1949, approximately 6,294 square feet
of building area. Sunset Park is happening with a strong rental demand, neighborhood shops and restaurants, nearby employment hubs, and proximity to Silicon Beach. The property is close to Santa Monica College, Bergamot Station, the Metro, Santa Monica’s office parks, and the broader Westside employment corridor. Santa Monica remains
one of Southern California’s most desirable coastal rental markets, known for its lifestyle, beaches, restaurants, shopping, entertainment, schools, and access to
major technology and media employers. Nearby communities include Venice Beach, Marina del Rey, Playa Vista, Brentwood, Westwood, Pacific Palisades, and West Los
Angeles. Drive by only. Do not disturb tenants. For more detailed information please see Offering Memorandum
Property Facts
| Price | $3,200,000 | Property Subtype | Apartment |
| Price Per Unit | $400,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.21 AC |
| Cap Rate | 5.50% | Building Size | 6,294 SF |
| Gross Rent Multiplier | 10.9 | No. Stories | 2 |
| No. Units | 8 | Year Built | 1949 |
| Property Type | Multifamily | ||
| Zoning | R2 | ||
| Price | $3,200,000 |
| Price Per Unit | $400,000 |
| Sale Type | Investment |
| Cap Rate | 5.50% |
| Gross Rent Multiplier | 10.9 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.21 AC |
| Building Size | 6,294 SF |
| No. Stories | 2 |
| Year Built | 1949 |
| Zoning | R2 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $2,348 | - |
| 1+1 | 4 | $3,547 | - |
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Very walkable
80/100
Moderately drivable
70/100
Some public transit
50/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 4272-008-018 | Improvements Assessment | $636,724 |
| Land Assessment | $2,122,416 | Total Assessment | $2,759,140 |
Property Taxes
Parcel Number
4272-008-018
Land Assessment
$2,122,416
Improvements Assessment
$636,724
Total Assessment
$2,759,140
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