Four-Unit Residential Income
New
For Sale
$2,595,000
1252 23rd St, Santa Monica, CA 90404
Residential Income, Santa Monica, CA
Property Size5,428 SF
Lot Size0.12 Acres
Price / SF$478.08
Days on Market3
Property Features for 1252 23rd St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
SMR2*
Bedrooms
10
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 3, Bathroom 6, Bathroom 2, Bathroom 7, Bedroom 3, Bedroom 9, Bedroom 10, Bedroom 4, Bedroom 7, Bathroom 1, Bathroom 4, Bathroom 5, Bathroom 8, Bedroom 2, Bedroom 5, Bedroom 6, Bedroom 1, Bedroom 8
Parking
8
Parking features
Carport, Garage
Directions
North of Santa Monica Blvd, West of 23rd Street.
Subdivision
Santa Monica
Standard status
Active
APN
4276-016-013
Size
5,428 SF
Lot size
0.12 Acres
Building Details
Year built
1965
Floors in Building
2
Number of units
4
Listing Agency:
Wellman Realty Co.
(310) 829-7423
Listed By:
Wes Wellman · License #00467451
(310) 829-7423
Added: Aug 26
Last Checked: Aug 28 at 1:06AM
MLS# 26875531
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 Santa Monica quadplex contains four residential units within a 5,428-square-foot building on a 0.1221-acre parcel. The property includes a tenant-occupied three-bedroom townhouse at the front and a vacant three-bedroom residence on the upper level, creating a mixed-occupancy configuration. Parking is provided through a carport and garage.
Built in 1965, the property is located at 1252 23rd St in Santa Monica, CA 90404, near Trader Joe’s, Whole Foods, New York Bagel, O’Brien’s Irish Pub, and neighborhood conveniences. The site is identified with SMR2* zoning.
Built in 1965, the property is located at 1252 23rd St in Santa Monica, CA 90404, near Trader Joe’s, Whole Foods, New York Bagel, O’Brien’s Irish Pub, and neighborhood conveniences. The site is identified with SMR2* zoning.
Key Highlights
- Four‑unit residential property in Santa Monica
- 5,428‑square‑foot building on a 0.1221‑acre parcel
- Tenant‑occupied front three‑bedroom townhouse
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
$94,792
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
3.65%
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%
$1,895,840
$1.9M
Cap Rate 7%
$1,354,171
$1.4M
Cap Rate 9%
$1,053,244
$1.1M
Market Conditions
NOI Build-Up for 5,428 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
$146.6K $27.00/SF
− Vacancy
−$11.1K −$2.05/SF
EGI
$135.4K $24.95/SF
− OpEx
−$40.6K −$7.48/SF
NOI
$94.8K $17.46/SF
Area
Los Angeles County, CA
Vacancy
7.60%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,895,840
Cap Rate 7%
$1,354,171
Cap Rate 9%
$1,053,244
Alternative Uses
Best Use
Multifamily LT 5
$1.35M
$1.18M – $1.58M
NOI $94,792 @ 7.0% cap · market cap 3.65%
Second Best
Apartment 5plus
$1.25M
$1.09M – $1.46M
NOI $87,341 @ 7.0% cap · market cap 3.37%
Theoretical Best
Office A
$2.91M
$2.54M – $3.39M
NOI $203,429 @ 7.0% cap · market cap 7.84%
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
7,733
Businesses Nearby
Explore this area
Business Placement
Demographics for 90404, CA
21,995
Population
11,499
Households
1.9
Avg Household Size
39
Median Age
59%
College-Educated
90%
High-School Grad
2.0 sq mi
ZIP Area
10,998
Density / Sq Mi
$85,081
Median Household Income
$66,349
Median Earnings
$2,095
Median Rent
$1,159,500
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?
Quadplex - Santa Monica quadplex with mixed occupancy, on-site parking, and a vacant upper-level residence.
Where is this quadplex located?
The property is located at 1252 23rd St Santa Monica, CA.
What is the asking price?
The asking price for this property is $2,595,000.
What are key features of this property?
This property features: Four‑unit residential property in Santa Monica; 5,428‑square‑foot building on a 0.1221‑acre parcel; Tenant‑occupied front three‑bedroom townhouse
