Santa Monica Quadplex Investment
For Sale
$1,915,000
2117 Stewart St, Santa Monica, CA 90404
Four units near Santa Monica Pier with expansion potential.
Property Size5,600 SF
Price / SF$341.96
Days on Market98
Property Features for 2117 Stewart St
General Information
Standard status
Active
Size
5,600 SF
Property subtype
Investment
Building Details
Year Built
1941
Listing Agency:
(310) 378-5533
Listed By:
Ramsey Oliveras · License #1200976
(310) 378-5533
Source:
Elliman
Added: Apr 24
Changed: Jul 10
Last Checked: Jul 30 at 12:47PM
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 Ramsey Oliveras
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 For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $151.2k | $27.00 |
| − Vacancy | −$11.5k | −$2.05 |
| EGI | $139.7k | $24.95 |
| − OpEx | −$41.9k | −$7.48 |
| NOI | $97.8k | $17.46 |
5,600 SF · lease $27.00/SF/yr · vacancy 7.60% · expense 30.00%
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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,559
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?
Quadplex - Four units near Santa Monica Pier with expansion potential.
Where is this quadplex located?
The property is located at 2117 Stewart St 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.
