Apartment Building with Rooftop
For Sale
$4,150,000
1757 17TH Street, Santa Monica, CA 90404
1997 apartment property with varied layouts, private outdoor areas, controlled entry, laundry, and dedicated parking.
Property Size8,306 SF
Lot Size0.21 Acres
Price / SF$499.64
Days on Market9
Property Features for 1757 17TH Street
General Information
Standard status
Active
Size
8,306 SF
Total Parking Spaces
19
Lot size
0.21 Acres
Property subtype
Multi-family
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
8 x 2BR/2BA, 1 x 1BR, 1 x studio
Multifamily Units
10
Amenities
secure controlled entry
on-site laundry
Building Details
Year Built
1997
Buildings
1
Listing Agency:
Marcus & Millichap
Listed By:
Benjamin Lewin
(714) 497-3550
Source:
Sevengables
Added: Sep 7
Changed: Sep 14
Last Checked: Sep 14 at 7:43AM
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 Marcus & Millichap
Investment Insights
Based on property information with market context.
This 9-unit apartment building, together with a non-conforming studio, contains approximately 8,306 square feet on a 9,297-square-foot lot. The residential mix includes eight two-bedroom, two-bathroom units and one one-bedroom unit. Five residences have two-story designs with high ceilings and loft or office areas, while four townhouse-style homes include large private rooftop patios. Every residence, including the studio, has private outdoor space. The property was built in 1997 and is not subject to Santa Monica rent control; two units carry deed restrictions at 60% of area median income through 2050.
Controlled access, on-site laundry, and 19 parking spaces support the property’s operations. Parking includes 16 secure underground stalls and three rear surface spaces. Water, gas, and electricity are individually metered. The building is near Santa Monica College and the 17th Street/SMC Metro station, approximately 17 blocks from the beach, and has a Walk Score of 82.
Controlled access, on-site laundry, and 19 parking spaces support the property’s operations. Parking includes 16 secure underground stalls and three rear surface spaces. Water, gas, and electricity are individually metered. The building is near Santa Monica College and the 17th Street/SMC Metro station, approximately 17 blocks from the beach, and has a Walk Score of 82.
Key Highlights
- 9‑unit apartment building plus a non‑conforming studio
- Approximately 8,306 square feet on a 9,297‑square‑foot lot
- Unit mix includes eight 2‑bedroom/2‑bathroom units and one 1‑bedroom 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
$133,650
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
3.22%
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%
$2,673,000
$2.7M
Cap Rate 7%
$1,909,286
$1.9M
Cap Rate 9%
$1,485,000
$1.5M
Market Conditions
NOI Build-Up for 8,306 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
$264.1K $31.80/SF
− Vacancy
−$21.1K −$2.54/SF
EGI
$243.0K $29.26/SF
− OpEx
−$109.4K −$13.17/SF
NOI
$133.7K $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%
$2,673,000
Cap Rate 7%
$1,909,286
Cap Rate 9%
$1,485,000
Alternative Uses
Best Use
Apartment 5plus
$1.91M
$1.67M – $2.23M
NOI $133,650 @ 7.0% cap · market cap 3.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.45M
$3.89M – $5.19M
NOI $311,290 @ 7.0% cap · market cap 7.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
10
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
5,817
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 - 1997 apartment property with varied layouts, private outdoor areas, controlled entry, laundry, and dedicated parking.
Where is this apartment building located?
The property is located at 1757 17TH Street Santa Monica, CA.
What is the asking price?
The asking price for this property is $4,150,000.
What are key features of this property?
This property features: 9‑unit apartment building plus a non‑conforming studio; Approximately 8,306 square feet on a 9,297‑square‑foot lot; Unit mix includes eight 2‑bedroom/2‑bathroom units and one 1‑bedroom unit
