12-Unit Apartment Building
For Sale
$5,300,000
1518 12th St, Santa Monica, CA 90401
Two adjacent multifamily properties offer spacious residences, substantial parking, and completed seismic and electrical improvements.
Property Size14,840 SF
Days on Market11
Property Features for 1518 12th St
General Information
Standard status
Active
Size
14,840 SF
Total Parking Spaces
22
Property subtype
MULTI_FAMILY
Units
Unit Mix
4 x 3BR/2.5BA, 4 x 3BR/1.5BA, 4 x 2BR/2BA
Multifamily Units
12
Additional Details
Public Transit
Yes
Building Details
Building Size
14,840 SF
Year Built
1974
Buildings
4
Listing Agency:
Lyon Stahl Investment Real Estate, Inc.
Listed By:
Jake Glaser · License #02128816
(310) 230-5157
Source:
Jademillsestates
Added: Aug 24
Changed: Sep 2
Last Checked: Sep 2 at 2:40AM
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 offering combines two adjacent apartment properties with a total of 12 residences across four residential structures. The properties were built in 1974 and feature an all-large-unit profile averaging approximately 1,237 square feet per residence. The mix includes four 3-bedroom/2.5-bath units, four 3-bedroom/1.5-bath units, and four 2-bedroom/2-bath units. Select interiors have received luxury renovations.
Parking includes four 3-car garages and 10 additional single spaces. Capital work includes completion of the seismic soft-story retrofit and updates to the main and sub electrical panels. Each property has a separate APN, and the combined offering is located at 1518 and 1524 12th Street in Santa Monica.
The properties are five blocks from the Metro Rail Expo Line and near Downtown Santa Monica, the Santa Monica Pier, Third Street Promenade, the beach, and local retail and dining. The offering indicates approximately 31% future rental upside.
Parking includes four 3-car garages and 10 additional single spaces. Capital work includes completion of the seismic soft-story retrofit and updates to the main and sub electrical panels. Each property has a separate APN, and the combined offering is located at 1518 and 1524 12th Street in Santa Monica.
The properties are five blocks from the Metro Rail Expo Line and near Downtown Santa Monica, the Santa Monica Pier, Third Street Promenade, the beach, and local retail and dining. The offering indicates approximately 31% future rental upside.
Key Highlights
- Two adjacent properties totaling 12 units across four residential structures
- Unit mix includes four 3‑bedroom/2.5‑bath, four 3‑bedroom/1.5‑bath, and four 2‑bedroom/2‑bath residences
- Residences average approximately 1,237 square feet per unit
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
$238,787
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
4.51%
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%
$4,775,740
$4.8M
Cap Rate 7%
$3,411,243
$3.4M
Cap Rate 9%
$2,653,189
$2.7M
Market Conditions
NOI Build-Up for 14,840 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
$471.9K $31.80/SF
− Vacancy
−$37.8K −$2.54/SF
EGI
$434.2K $29.26/SF
− OpEx
−$195.4K −$13.17/SF
NOI
$238.8K $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%
$4,775,740
Cap Rate 7%
$3,411,243
Cap Rate 9%
$2,653,189
Alternative Uses
Best Use
Apartment 5plus
$3.41M
$2.98M – $3.98M
NOI $238,787 @ 7.0% cap · market cap 4.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.95M
$6.95M – $9.27M
NOI $556,169 @ 7.0% cap · market cap 10.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
8,582
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 multifamily properties offer spacious residences, substantial parking, and completed seismic and electrical improvements.
Where is this apartment building located?
The property is located at 1518 12th St Santa Monica, CA.
What is the asking price?
The asking price for this property is $5,300,000.
What are key features of this property?
This property features: Two adjacent properties totaling 12 units across four residential structures; Unit mix includes four 3‑bedroom/2.5‑bath, four 3‑bedroom/1.5‑bath, and four 2‑bedroom/2‑bath residences; Residences average approximately 1,237 square feet per unit
