Santa Monica Multifamily
For Sale
$2,800,000
1813 9th Street, Santa Monica, CA 90404
Value-add multifamily property in a desirable Santa Monica location.
Property Size7,763 SF
Lot Size0.17 Acres
Price / SF$360.69
Days on Market139
Property Features for 1813 9th Street
General Information
Standard status
Active
Size
7,763 SF
Lot size
0.17 Acres
Property subtype
Multifamily
Listing Agency:
(323) 333-0909
Listed By:
Priscilla Nee · License #01435254
(323) 333-0909
Source:
Cbre
Added: Mar 25
Changed: Aug 8
Last Checked: Aug 8 at 6:30AM
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 Priscilla Nee
Investment Insights
Based on property information with market context.
Located east of Lincoln Boulevard, between Olympic Boulevard and Pico Boulevard in Santa Monica, the two-story multifamily property at 1813 9th Street presents a value-add investment opportunity. Constructed in 1963 on a 7,485 square foot R2 lot, the building encompasses 7,763 square feet and contains six units. The unit mix includes two two-bedroom/one-and-one-half-bathroom townhouse-style units, three three-bedroom/two-bathroom units, and one three-bedroom/two-bathroom townhouse-style unit. The property is separately metered for gas and electric and features a central water heater, an on-site laundry facility, a two-car garage, and five carport parking spaces with storage bins. Capital improvements include a new roof, copper plumbing in most units, an updated electrical panel in the laundry room, and a newer water heater. Select units have been extensively upgraded to include individual tankless water heaters and in-unit laundry. The oversized units offer gas stoves, refrigerators, ceiling fans, forced heat or wall units for heating, upgraded flooring, ample closet and storage space, and a balcony or patio in select units. The upgraded units feature stackable laundry systems, new kitchens with shaker cabinetry, quartz countertops, stainless-steel appliances (gas stove, refrigerator, microwave, and dishwasher), new bathrooms, designer fixtures and hardware, dual pane windows, new lighting, and updated electrical panels.
Key Highlights
- True Value‑Add Opportunity with Current Rents ±49% Under Market
- Premier Santa Monica Location
- Excellent Unit Mix with 2 (2+1.5 Twnhs’s), 3 (3+2’s), and 1 (3+2 Twnhs)
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
$124,913
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
4.46%
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%
$2,498,260
$2.5M
Cap Rate 7%
$1,784,471
$1.8M
Cap Rate 9%
$1,387,922
$1.4M
Market Conditions
NOI Build-Up for 7,763 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
$246.9K $31.80/SF
− Vacancy
−$19.7K −$2.54/SF
EGI
$227.1K $29.26/SF
− OpEx
−$102.2K −$13.17/SF
NOI
$124.9K $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%
$2,498,260
Cap Rate 7%
$1,784,471
Cap Rate 9%
$1,387,922
Alternative Uses
Best Use
Apartment 5plus
$1.78M
$1.56M – $2.08M
NOI $124,913 @ 7.0% cap · market cap 4.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.16M
$3.64M – $4.85M
NOI $290,940 @ 7.0% cap · market cap 10.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,025
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 - Value-add multifamily property in a desirable Santa Monica location.
Where is this apartment building located?
The property is located at 1813 9th Street Santa Monica, CA.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: True Value‑Add Opportunity with Current Rents ±49% Under Market; Premier Santa Monica Location; Excellent Unit Mix with 2 (2+1.5 Twnhs’s), 3 (3+2’s), and 1 (3+2 Twnhs)
