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 Market244
Property Features for 2117 Stewart Street
General Information
Standard status
Active
Size
2,544 SF
Property subtype
Quadruplex
Site & Location
Neighborhood
Pico
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: Oct 25
Last Checked: Oct 28 at 1:55PM
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
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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 / Yr
$97,796
Cap Rate
5.11%
Suggested Prices Based on Cap Rates
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
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 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.
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Location Intelligence
Trade Area within ½ mile
3,344
Businesses Nearby
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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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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.
