Approved 7-Unit Apartment
For Sale
$2,495,000
914 18th St, Santa Monica, CA 90403
Residential Income, Santa Monica, CA
Property Size5,100 SF
Lot Size0.18 Acres
Price / SF$489.22
Days on Market29
Property Features for 914 18th St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
SMR2*
Bedrooms
7
Bathrooms
4
Full bathrooms
8
Rooms
Bathroom 6, Bedroom 5, Bedroom 1, Bathroom 1, Bathroom 2, Bathroom 5, Bathroom 7, Bathroom 3, Bathroom 8, Bedroom 7, Bedroom 3, Bedroom 4, Bedroom 6, Bathroom 4, Bedroom 2
Parking
5
Directions
South of Montana between Idaho and Washington
Subdivision
Santa Monica
Standard status
Active
APN
4277-009-003
Size
5,100 SF
Lot size
0.18 Acres
Building Details
Year built
1927
Floors in Building
2
Number of units
7
Listing Agency:
Rodeo Realty
(310) 724-7100
Listed By:
Jimmy Heckenberg · License #01910100
(310) 650-1116
Added: Aug 4
Changed: Aug 19
Last Checked: Sep 1 at 8:06AM
MLS# 26868435
Copyright © 2026 The MLS/CLAW. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 0.1842-acre Santa Monica apartment property includes four existing bungalow-style residences arranged around a central garden: one one-bedroom unit and three two-bedroom units. The improvements total 5,100 square feet and date to 1927.
Approved plans call for renovating the existing homes and adding three residences, including a courtyard duplex and a studio ADU above the garage. The completed plan provides seven residences in total, with stamped permits in hand and RTI status. The property is located at 914 18th St in Santa Monica, within the SMR2* zoning designation.
Approved plans call for renovating the existing homes and adding three residences, including a courtyard duplex and a studio ADU above the garage. The completed plan provides seven residences in total, with stamped permits in hand and RTI status. The property is located at 914 18th St in Santa Monica, within the SMR2* zoning designation.
Key Highlights
- Approved plans provide for 7 total apartment residences
- Existing configuration includes 1 one‑bedroom and 3 two‑bedroom units
- 5,100 square feet on a 0.1842‑acre lot
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$82,063
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.29%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,641,260
$1.6M
Cap Rate 7%
$1,172,329
$1.2M
Cap Rate 9%
$911,811
$911.8K
Market Conditions
NOI Build-Up for 5,100 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$162.2K $31.80/SF
− Vacancy
−$13.0K −$2.54/SF
EGI
$149.2K $29.26/SF
− OpEx
−$67.1K −$13.17/SF
NOI
$82.1K $16.09/SF
Area
Los Angeles County, CA
Vacancy
8.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,641,260
Cap Rate 7%
$1,172,329
Cap Rate 9%
$911,811
Alternative Uses
Best Use
Apartment 5plus
$1.17M
$1.03M – $1.37M
NOI $82,063 @ 7.0% cap · market cap 3.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.73M
$2.39M – $3.19M
NOI $191,136 @ 7.0% cap · market cap 7.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
5,764
Businesses Nearby
Explore this area
Business Placement
Demographics for 90403, CA
25,278
Population
14,853
Households
1.7
Avg Household Size
42
Median Age
72%
College-Educated
96%
High-School Grad
1.4 sq mi
ZIP Area
18,056
Density / Sq Mi
$121,512
Median Household Income
$82,557
Median Earnings
$2,443
Median Rent
$1,553,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Approved plans add three residences to a courtyard property with four existing bungalow-style homes.
Where is this apartment building located?
The property is located at 914 18th St Santa Monica, CA.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: Approved plans provide for 7 total apartment residences; Existing configuration includes 1 one‑bedroom and 3 two‑bedroom units; 5,100 square feet on a 0.1842‑acre lot
