6-Unit Apartment
New
For Sale
$1,850,000
1937 12th St, Santa Monica, CA 90404
Five enclosed garages supplement the property's residential parking.
Property Size3,954 SF
Days on Market4
Property Features for 1937 12th St
General Information
Standard status
Active
Size
3,954 SF
Property subtype
MULTI_FAMILY
Building Details
Building Size
3,954 SF
Year Built
1949
Listing Agency:
Realty Investment Advisors, Inc.
Listed By:
Don Favia · License #01841258
(424) 377-6002
Source:
Jademillsestates
Added: Sep 28
Changed: Sep 30
Last Checked: Sep 30 at 11:49AM
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 Realty Investment Advisors, Inc.
Investment Insights
Based on property information with market context.
Built in 1949, this Santa Monica apartment property contains six residences across approximately 3,954 square feet, on an approximately 7,497 square foot lot. The unit mix comprises one two-bedroom, one-bath residence and five one-bedroom, one-bath residences, including two upstairs junior one-bedrooms. Five single-car garages provide enclosed parking. The building also has a completed soft-story retrofit, a bungalow-style front, a covered porch and a landscaped walkway.
The property is at 1937 12th St in Santa Monica. Pico Boulevard's restaurants, coffee shops and services are among the nearby neighborhood amenities. Santa Monica State Beach, Shutters on the Beach, Hotel Casa del Mar, Santa Monica College and the Pico Farmers Market at Virginia Avenue Park are also identified as area destinations. Multiple perpendicular public street parking spaces are located along the property frontage.
The property is at 1937 12th St in Santa Monica. Pico Boulevard's restaurants, coffee shops and services are among the nearby neighborhood amenities. Santa Monica State Beach, Shutters on the Beach, Hotel Casa del Mar, Santa Monica College and the Pico Farmers Market at Virginia Avenue Park are also identified as area destinations. Multiple perpendicular public street parking spaces are located along the property frontage.
Key Highlights
- Six residences: one two‑bedroom, one‑bath unit and five one‑bedroom, one‑bath units
- Two upstairs junior one‑bedroom residences
- Five single‑car garages
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
$63,623
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
3.44%
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%
$1,272,460
$1.3M
Cap Rate 7%
$908,900
$908.9K
Cap Rate 9%
$706,922
$706.9K
Market Conditions
NOI Build-Up for 3,954 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
$125.7K $31.80/SF
− Vacancy
−$10.1K −$2.54/SF
EGI
$115.7K $29.26/SF
− OpEx
−$52.1K −$13.17/SF
NOI
$63.6K $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%
$1,272,460
Cap Rate 7%
$908,900
Cap Rate 9%
$706,922
Alternative Uses
Best Use
Apartment 5plus
$908.9K
$795.3K – $1.06M
NOI $63,623 @ 7.0% cap · market cap 3.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.12M
$1.85M – $2.47M
NOI $148,187 @ 7.0% cap · market cap 8.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,028
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 - Five enclosed garages supplement the property's residential parking.
Where is this apartment building located?
The property is located at 1937 12th St Santa Monica, CA.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Six residences: one two‑bedroom, one‑bath unit and five one‑bedroom, one‑bath units; Two upstairs junior one‑bedroom residences; Five single‑car garages
