20-Unit Apartment Building
For Sale
$5,250,000
1243 12th St, Santa Monica, CA 90401
Two adjacent buildings offer controlled entry, on-site laundry, and a varied residential unit mix.
Property Size18,832 SF
Lot Size0.34 Acres
Price / SF$278.78
Days on Market257
Property Features for 1243 12th St
General Information
Standard status
Active
Size
18,832 SF
Total Parking Spaces
22
Lot size
0.34 Acres
Property subtype
MULTI_FAMILY
Units
Unit Mix
4 x 1BR/1BA, 6 x 2BR/1.5BA, 6 x 2BR/2BA, 2 x 3BR/1.5BA, 2 x 3BR/2BA
Multifamily Units
20
Amenities
gated entry
on-site laundry
Building Details
Building Size
18,832 SF
Year Built
1959
Buildings
2
Listing Agency:
Marcus & Millichap
Listed By:
Benjamin Lewin · License #02040686
(818) 212-2700
Source:
Themalibulife
Added: Dec 22, 2025
Changed: Sep 3
Last Checked: Sep 4 at 9:49AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap
Investment Insights
Based on property information with market context.
This offering includes two contiguous ten-unit apartment buildings constructed in 1959. Together, the improvements contain 18,832 square feet across a 20-unit configuration: four one-bedroom units, six two-bedroom units with one-and-a-half baths, six two-bedroom units with two baths, two three-bedroom units with one-and-a-half baths, and two three-bedroom units with two baths. The property also includes on-site laundry, gated controlled access, and 22 parking spaces.
The buildings occupy a 15,007-square-foot double lot with two separate APNs. Each structure measures approximately 9,416 square feet. The property is situated between Wilshire Blvd and Arizona Ave in Santa Monica, approximately 12 blocks from the beach. A soft-story seismic retrofit has been completed, subject to buyer verification.
The buildings occupy a 15,007-square-foot double lot with two separate APNs. Each structure measures approximately 9,416 square feet. The property is situated between Wilshire Blvd and Arizona Ave in Santa Monica, approximately 12 blocks from the beach. A soft-story seismic retrofit has been completed, subject to buyer verification.
Key Highlights
- Two adjacent ten‑unit apartment buildings totaling 20 units
- 18,832 square feet of improvements on a 15,007‑square‑foot double lot
- Unit mix includes 1-, 2-, and 3‑bedroom apartments with varied bath configurations
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
$303,022
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
5.77%
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%
$6,060,440
$6.1M
Cap Rate 7%
$4,328,886
$4.3M
Cap Rate 9%
$3,366,911
$3.4M
Market Conditions
NOI Build-Up for 18,832 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
$598.9K $31.80/SF
− Vacancy
−$47.9K −$2.54/SF
EGI
$550.9K $29.26/SF
− OpEx
−$247.9K −$13.17/SF
NOI
$303.0K $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%
$6,060,440
Cap Rate 7%
$4,328,886
Cap Rate 9%
$3,366,911
Alternative Uses
Best Use
Apartment 5plus
$4.33M
$3.79M – $5.05M
NOI $303,022 @ 7.0% cap · market cap 5.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.08M
$8.82M – $11.76M
NOI $705,781 @ 7.0% cap · market cap 13.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20
Residential units
Location Intelligence
Trade Area within ½ mile
10,324
Businesses Nearby
Explore this area
Business Placement
Demographics for 90401, CA
8,167
Population
5,782
Households
1.4
Avg Household Size
39
Median Age
76%
College-Educated
97%
High-School Grad
0.8 sq mi
ZIP Area
10,209
Density / Sq Mi
$106,704
Median Household Income
$98,906
Median Earnings
$2,549
Median Rent
$1,129,700
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 - Two adjacent buildings offer controlled entry, on-site laundry, and a varied residential unit mix.
Where is this apartment building located?
The property is located at 1243 12th St Santa Monica, CA.
What is the asking price?
The asking price for this property is $5,250,000.
What are key features of this property?
This property features: Two adjacent ten‑unit apartment buildings totaling 20 units; 18,832 square feet of improvements on a 15,007‑square‑foot double lot; Unit mix includes 1-, 2-, and 3‑bedroom apartments with varied bath configurations
