Partially Renovated 10-Unit
For Sale
$3,500,000
1323 11th St, Santa Monica, CA 90401
10-unit apartment community with 80% unit renovations and a mix of one- and two-bedroom residences.
Property Size7,098 SF
Lot Size0.17 Acres
Days on Market128
Property Features for 1323 11th St
General Information
Standard status
Active
Size
7,098 SF
Lot size
0.17 Acres
Property subtype
Multifamily
Additional Details
Multifamily Units
10
Amenities
Extremely rare opportunity to acquire a renovated apartment building north of Santa Monica Boulevard in Santa Monica
The government-required seismic retrofit work has been completed which saves a new investor substantially in capital and time
Residents can easily access the 10 freeway and major thoroughfares such as Wilshire, Santa Monica, and Olympic Boulevards within five minutes
15-Minute walk to the 3rd Street Promenade
The two legacy 1Bdr/1Bath units average $1,578/month against a market rent of $2,495, a $918/unit gap providing upside potential through unit turnover and renovation
Investors can expect to have low repair & maintenance expenses as current ownership has made extensive renovations over the last few years
Building Details
Building Size
7,098 SF
Units
10
Tenancy
Multi
Listing Agency:
Marcus & Millichap
Listed By:
Sean Rosenzweig · License #License(s): CA: 01406343
(213) 943-1897
Source:
Marcusmillichap
Added: Jun 15
Changed: Oct 16
Last Checked: Oct 19 at 3:13AM
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
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Investment Insights
Based on property information with market context.
This 10-unit apartment community includes a single building with seven one-bedroom units and three two-bedroom units. Ownership has renovated approximately 80% of the units with new flooring throughout, modern kitchens featuring quartz countertops, stainless steel appliances, and open-concept dining and living areas. Renovations also include updated bathrooms with contemporary vanities, spacious closets, and ample cabinet space. The remaining two legacy 1-bedroom, 1-bath units are not included in the renovated portion.
The property is located in Santa Monica between Santa Monica Boulevard and Wilshire Boulevard, with walking access to the 3rd Street Promenade and easy access to everyday amenities.
With renovations in place across most of the building, the community offers a mix of updated and legacy units within a compact, single-structure configuration.
The property is located in Santa Monica between Santa Monica Boulevard and Wilshire Boulevard, with walking access to the 3rd Street Promenade and easy access to everyday amenities.
With renovations in place across most of the building, the community offers a mix of updated and legacy units within a compact, single-structure configuration.
Key Highlights
- 10‑unit apartment community built in 1958 on a 7,483 SF lot (single building)
- Unit mix: seven 1‑bedroom and three 2‑bedroom units
- 80% of units renovated with new flooring, modern kitchens with quartz countertops, and stainless steel appliances (incl. dishwasher and stove/oven)
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$114,212
Cap Rate
3.26%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,284,240
$2.3M
Cap Rate 7%
$1,631,600
$1.6M
Cap Rate 9%
$1,269,022
$1.3M
Market Conditions
NOI Build-Up for 7,098 SF
Gross rent
$225.7K $31.80/SF
− Vacancy
−$18.1K −$2.54/SF
EGI
$207.7K $29.26/SF
− OpEx
−$93.4K −$13.17/SF
NOI
$114.2K $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 Rate 5%
$2,284,240
Cap Rate 7%
$1,631,600
Cap Rate 9%
$1,269,022
Alternative Uses
Best Use
Apartment 5plus
$1.63M
$1.43M – $1.90M
NOI $114,212 @ 7.0% cap · market cap 3.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.80M
$3.33M – $4.43M
NOI $266,017 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
10
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
10,487
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - 10-unit apartment community with 80% unit renovations and a mix of one- and two-bedroom residences.
Where is this apartment building located?
The property is located at 1323 11th St Santa Monica, CA.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 10‑unit apartment community built in 1958 on a 7,483 SF lot (single building); Unit mix: seven 1‑bedroom and three 2‑bedroom units; 80% of units renovated with new flooring, modern kitchens with quartz countertops, and stainless steel appliances (incl. dishwasher and stove/oven)
