Five-Unit Apartment
New
For Sale
$1,725,000
1523 Berkeley St, Santa Monica, CA 90404
Multifamily property with a courtyard, detached garages, and a mix of one- and two-bedroom residences.
Property Size3,766 SF
Lot Size0.19 Acres
Price / SF$458.05
Days on Market7
Property Features for 1523 Berkeley St
General Information
Standard status
Active
Size
3,766 SF
Total Parking Spaces
5
Lot size
0.19 Acres
Property subtype
Residential Income
Financials
Asking Price
$1,725,000
Cap Rate
5.37%
Gross Rent Multiplier
12.2
Units
Unit Mix
1 x 2BR/1BA, 4 x 1BR/1BA
Multifamily Units
5
Amenities
laundry room
central courtyard
Building Details
Year Built
1957
Listing Agency:
Lyon Stahl Investment Real Estate
Listed By:
David Messiah · License #02117893
(310) 593-9869
Source:
Propertyinpalmsprings
Added: Sep 9
Changed: Sep 14
Last Checked: Sep 14 at 2:21PM
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
Investment Insights
Based on property information with market context.
Located at 1523 Berkeley St in Santa Monica, this 3,766-square-foot apartment property was built in 1957 on an 8,139-square-foot lot. The unit mix includes one two-bedroom, one-bath front house and four one-bedroom, one-bath apartments. Improvements also include five detached garages, a laundry room, and a central courtyard.
Three residences were updated during prior tenant turnovers. One one-bedroom unit and one garage are scheduled for vacant delivery, providing immediate leasing flexibility. The property is within walking distance of Montana Ave, near Wilshire Blvd, and a short distance from Lionsgate, Hulu, and the Colorado Ave entertainment corridor. The offering reports a 5.37% cap rate and 12.20 GRM.
Three residences were updated during prior tenant turnovers. One one-bedroom unit and one garage are scheduled for vacant delivery, providing immediate leasing flexibility. The property is within walking distance of Montana Ave, near Wilshire Blvd, and a short distance from Lionsgate, Hulu, and the Colorado Ave entertainment corridor. The offering reports a 5.37% cap rate and 12.20 GRM.
Key Highlights
- Five‑unit apartment property on an 8,139 SF lot
- Unit mix includes one 2‑bedroom, 1‑bath house and four 1‑bedroom, 1‑bath units
- Five detached garages, laundry room, and central courtyard
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
$60,598
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
3.51%
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%
$1,211,960
$1.2M
Cap Rate 7%
$865,686
$865.7K
Cap Rate 9%
$673,311
$673.3K
Market Conditions
NOI Build-Up for 3,766 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
$119.8K $31.80/SF
− Vacancy
−$9.6K −$2.54/SF
EGI
$110.2K $29.26/SF
− OpEx
−$49.6K −$13.17/SF
NOI
$60.6K $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%
$1,211,960
Cap Rate 7%
$865,686
Cap Rate 9%
$673,311
Alternative Uses
Best Use
Apartment 5plus
$865.7K
$757.5K – $1.01M
NOI $60,598 @ 7.0% cap · market cap 3.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.02M
$1.76M – $2.35M
NOI $141,141 @ 7.0% cap · market cap 8.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
5,540
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
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with a courtyard, detached garages, and a mix of one- and two-bedroom residences.
Where is this apartment building located?
The property is located at 1523 Berkeley St Santa Monica, CA.
What is the asking price?
The asking price for this property is $1,725,000.
What are key features of this property?
This property features: Five‑unit apartment property on an 8,139 SF lot; Unit mix includes one 2‑bedroom, 1‑bath house and four 1‑bedroom, 1‑bath units; Five detached garages, laundry room, and central courtyard
