7-Unit Townhome-Style Apartment
For Sale
$2,300,000
Pending
1507 Berkeley St, Santa Monica, CA 90404
Two-story residences offer private ground-level entrances, spacious layouts, and select outdoor patios.
Property Size7,740 SF
Days on Market65
Property Features for 1507 Berkeley St
General Information
Standard status
Pending
Size
7,740 SF
Property subtype
MULTI_FAMILY
Building Details
Building Size
7,740 SF
Year Built
1964
Listing Agency:
Lyon Stahl Investment Real Estate, Inc.
Listed By:
Jake Glaser · License #02128816
(310) 494-6368
Source:
Evecap
Added: Aug 24
Changed: Oct 26
Last Checked: Oct 26 at 10:18PM
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 Lyon Stahl Investment Real Estate, Inc.
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Investment Insights
Based on property information with market context.
This 7-unit apartment property was built in 1964 and features a two-story townhome-style configuration. Each residence has a separate private entrance at ground level, while select units include private patios. The unit mix consists of one 3BR/1.5BA residence, five 2BR/2BA residences, and one 2BR/1BA residence, with units averaging approximately 1,106 square feet. Separately metered gas and electric service the property, which also includes a 2-car garage and five covered parking spaces. Updated main and sub electrical panels are in place, and a seismic soft-story retrofit has been completed.
The property is located at 1507 Berkeley Street in Mid-City Santa Monica, adjacent to Brentwood. Erewhon, Bristol Farms, and restaurants, retail, and nightlife along Santa Monica Boulevard are within walking distance. The location also provides access to the beach, Downtown Santa Monica, West Los Angeles, and other Westside destinations.
The property is located at 1507 Berkeley Street in Mid-City Santa Monica, adjacent to Brentwood. Erewhon, Bristol Farms, and restaurants, retail, and nightlife along Santa Monica Boulevard are within walking distance. The location also provides access to the beach, Downtown Santa Monica, West Los Angeles, and other Westside destinations.
Key Highlights
- 7‑unit apartment property with a townhome‑style, two‑story configuration
- Unit mix includes one 3BR/1.5BA, five 2BR/2BA, and one 2BR/1BA residence
- Units average approximately 1,106 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$124,543
Cap Rate
5.41%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,490,860
$2.5M
Cap Rate 7%
$1,779,186
$1.8M
Cap Rate 9%
$1,383,811
$1.4M
Market Conditions
NOI Build-Up for 7,740 SF
Gross rent
$246.1K $31.80/SF
− Vacancy
−$19.7K −$2.54/SF
EGI
$226.4K $29.26/SF
− OpEx
−$101.9K −$13.17/SF
NOI
$124.5K $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%
$2,490,860
Cap Rate 7%
$1,779,186
Cap Rate 9%
$1,383,811
Alternative Uses
Best Use
Apartment 5plus
$1.78M
$1.56M – $2.08M
NOI $124,543 @ 7.0% cap · market cap 5.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.14M
$3.63M – $4.83M
NOI $290,078 @ 7.0% cap · market cap 12.61%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
6,839
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Two-story residences offer private ground-level entrances, spacious layouts, and select outdoor patios.
Where is this apartment building located?
The property is located at 1507 Berkeley St Santa Monica, CA.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 7‑unit apartment property with a townhome‑style, two‑story configuration; Unit mix includes one 3BR/1.5BA, five 2BR/2BA, and one 2BR/1BA residence; Units average approximately 1,106 square feet
