Santa Monica Quadplex Investment
For Sale
$1,915,000
2117 Stewart Street, Santa Monica, CA 90404
Four units near Santa Monica Pier with expansion potential.
Property Size2,544 SF
Price / SF$341.96
Days on Market199
Property Features for 2117 Stewart Street
General Information
Standard status
Active
Size
2,544 SF
Property subtype
Quadruplex
Building Details
Building Size
2,544 SF
Year Built
1941
Listing Agency:
Estate Properties
Listed By:
Lisa Oliveras · License #01141551
(310) 567-3553
Source:
Truthrealty
Added: Feb 28
Changed: Sep 4
Last Checked: Sep 14 at 9:39AM
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 Estate Properties
Investment Insights
Based on property information with market context.
Located in Santa Monica, this property offers convenient access to major freeways, placing it approximately half a mile from Virginia Ave Park and three miles from the Santa Monica Pier. The property features four units, each independently metered for gas and electric. There are three one-bedroom, one-bath units on the main level, and one larger two-bedroom, one-bath unit upstairs. Three of the units have been updated with features such as freshly painted walls, new flooring, stainless steel appliances, and updated fixtures. The bathrooms have also been remodeled. Each unit includes in-unit laundry hookups and access to private patios overlooking landscaping and mature fruit trees. The 5,600 sq ft property includes four-car garages, one additional parking space, and off-street parking for one more vehicle. Zoned SMR2 on a triple corner lot, the property offers expansion or redevelopment possibilities. The location has a bike score of 95, making it a biker's paradise, a walk score of 81, indicating it is very walkable, and a transit score of 55, suggesting good transit options.
Key Highlights
- Four Units: Generates quadruple income potential or allows owner‑occupancy with rental income from other units.
- Prime Location: Close proximity to Virginia Ave Park and Santa Monica Pier, with easy freeway access.
- Updated Units: Three units feature extensive updates including new paint, flooring, stainless steel appliances, and remodeled baths.
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
$97,796
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
5.11%
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%
$1,955,920
$2.0M
Cap Rate 7%
$1,397,086
$1.4M
Cap Rate 9%
$1,086,622
$1.1M
Market Conditions
NOI Build-Up for 5,600 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
$151.2K $27.00/SF
− Vacancy
−$11.5K −$2.05/SF
EGI
$139.7K $24.95/SF
− OpEx
−$41.9K −$7.48/SF
NOI
$97.8K $17.46/SF
Area
Los Angeles County, CA
Vacancy
7.60%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,955,920
Cap Rate 7%
$1,397,086
Cap Rate 9%
$1,086,622
Alternative Uses
Best Use
Multifamily LT 5
$1.40M
$1.22M – $1.63M
NOI $97,796 @ 7.0% cap · market cap 5.11%
Second Best
Apartment 5plus
$1.29M
$1.13M – $1.50M
NOI $90,108 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$3.00M
$2.62M – $3.50M
NOI $209,875 @ 7.0% cap · market cap 10.96%
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
3,344
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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?
Quadplex - Four units near Santa Monica Pier with expansion potential.
Where is this quadplex located?
The property is located at 2117 Stewart Street Santa Monica, CA.
What is the asking price?
The asking price for this property is $1,915,000.
What are key features of this property?
This property features: Four Units: Generates quadruple income potential or allows owner‑occupancy with rental income from other units.; Prime Location: Close proximity to Virginia Ave Park and Santa Monica Pier, with easy freeway access.; Updated Units: Three units feature extensive updates including new paint, flooring, stainless steel appliances, and remodeled baths.
