Five-Unit Apartment
For Sale
$1,725,000
Pending
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
Days on Market51
Property Features for 1523 Berkeley St
General Information
Standard status
Pending
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 10
Changed: Oct 25
Last Checked: Oct 30 at 2:23PM
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
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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 / Yr
$60,598
Cap Rate
3.51%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
5,540
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 - 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
