7-Unit Townhome-Style Apartment
For Sale
$2,400,000
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 Market14
Property Features for 1507 Berkeley St
General Information
Standard status
Active
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) 230-5157
Source:
Evecap
Added: Aug 24
Changed: Sep 2
Last Checked: Sep 6 at 11:51AM
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.
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 = 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
$124,543
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
5.19%
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%
$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
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
$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 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%
$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 5.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.14M
$3.63M – $4.83M
NOI $290,078 @ 7.0% cap · market cap 12.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,839
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?
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 $2,400,000.
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
