Multifamily Property Near Santa Monica
For Sale
$2,295,000
1937 17th Street, Santa Monica, CA 90404
Multifamily property near Santa Monica College with development potential.
Property Size4,840 SF
Days on Market168
Property Features for 1937 17th Street
General Information
Standard status
Active
Size
4,840 SF
Property subtype
Six Units
Building Details
Building Size
4,840 SF
Year Built
1948
Listing Agency:
(818) 371-1127
Listed By:
Ante Trinidad, MRED · License #CalDRE #00704267
(818) 371-1127
Source:
Stevensonrealestate
Added: Mar 6
Changed: Aug 8
Last Checked: Aug 8 at 2:14PM
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 Ante Trinidad, MRED
Investment Insights
Based on property information with market context.
This property comprises two structures: a front building with five units and a rear single-family house. The front building includes one three-bedroom unit with one and a half bathrooms and four two-bedroom units with one bathroom each. The rear building is a separate two-bedroom house with one bathroom and a rear patio, which will be vacant as of March 1, 2026. A double-car garage and eight open parking spaces are accessible via a rear alley. The property is located half a block from Santa Monica College, situated on 17th Street between Pico Boulevard and Delaware Avenue.
Key Highlights
- Two separate structures: a multi‑unit building and a single‑family house.
- Five units in the front building: one 3 BD/1.5 BA and four 2 BD/1 BA.
- Separate 2 BD/1 BA single‑family house with rear patio.
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
$77,879
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
3.39%
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%
$1,557,580
$1.6M
Cap Rate 7%
$1,112,557
$1.1M
Cap Rate 9%
$865,322
$865.3K
Market Conditions
NOI Build-Up for 4,840 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
$153.9K $31.80/SF
− Vacancy
−$12.3K −$2.54/SF
EGI
$141.6K $29.26/SF
− OpEx
−$63.7K −$13.17/SF
NOI
$77.9K $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%
$1,557,580
Cap Rate 7%
$1,112,557
Cap Rate 9%
$865,322
Alternative Uses
Best Use
Apartment 5plus
$1.11M
$973.5K – $1.30M
NOI $77,879 @ 7.0% cap · market cap 3.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.59M
$2.27M – $3.02M
NOI $181,392 @ 7.0% cap · market cap 7.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,306
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 - Multifamily property near Santa Monica College with development potential.
Where is this apartment building located?
The property is located at 1937 17th Street Santa Monica, CA.
What is the asking price?
The asking price for this property is $2,295,000.
What are key features of this property?
This property features: Two separate structures: a multi‑unit building and a single‑family house.; Five units in the front building: one **3 BD/1.5 BA** and four **2 BD/1 BA**.; Separate 2 BD/1 BA single‑family house with rear patio.
