Four-Unit Property with
New
For Sale
$1,750,000
2210 24th St, Santa Monica, CA 90405
Santa Monica property with a detached front residence, three additional units, enclosed garages, and separate laundry facilities.
Property Size3,671 SF
Days on Market5
Property Features for 2210 24th St
General Information
Standard status
Active
Size
3,671 SF
Total Parking Spaces
5
Property subtype
MULTI_FAMILY
Units
Unit Mix
1 x 2BR/2BA, 1 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
4
Additional Details
Highway Access
Yes
Amenities
landscaping
gated yard
laundry room
storage area
balcony
Building Details
Building Size
3,671 SF
Year Built
1954
Listing Agency:
Redwood Realty
Listed By:
Gwen Tanguay · License #00448883
Source:
Jademillsestates
Added: Aug 7
Changed: Aug 11
Last Checked: Aug 11 at 1:04PM
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 Redwood Realty
Investment Insights
Based on property information with market context.
This four-unit Santa Monica property combines a two-bedroom, two-bath front home with three additional residences. The middle-yard unit offers two bedrooms, one bath, and an eat-in kitchen, while the two units above the garage each provide one bedroom, one bath, an eat-in kitchen, and a walk-in closet. Hardwood floors run throughout the units, with vinyl flooring in the kitchens and bathrooms. The front home includes a primary suite, walk-in closet, dining area, separate laundry room, and living-room fireplace. Select kitchens feature custom-tile counters, and the bathrooms retain mid-century ceramic tile.
The rear structure includes separate laundry facilities and enclosed owner storage. Five enclosed garages serve the property, with garage access assigned among the residences; one of the rear units is vacant. Soft-story work has been completed, new circuit breaker boxes serve all units, and most plumbing is copper. The property also features gated side and rear yards, established landscaping, and a balcony that has passed inspection. Trader Joe’s, Whole Foods, a farmers market, cafes, restaurants, Santa Monica schools, Santa Monica College, and freeway access are identified nearby.
The rear structure includes separate laundry facilities and enclosed owner storage. Five enclosed garages serve the property, with garage access assigned among the residences; one of the rear units is vacant. Soft-story work has been completed, new circuit breaker boxes serve all units, and most plumbing is copper. The property also features gated side and rear yards, established landscaping, and a balcony that has passed inspection. Trader Joe’s, Whole Foods, a farmers market, cafes, restaurants, Santa Monica schools, Santa Monica College, and freeway access are identified nearby.
Key Highlights
- Four‑unit configuration: 2‑bedroom, 2‑bath front home plus 2‑bedroom and two 1‑bedroom units
- Five enclosed garages, with garage access assigned among the front residence and middle‑yard unit
- Separate rear laundry room with building‑owned, non‑coin‑operated washer and dryer
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
$64,109
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
3.66%
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%
$1,282,180
$1.3M
Cap Rate 7%
$915,843
$915.8K
Cap Rate 9%
$712,322
$712.3K
Market Conditions
NOI Build-Up for 3,671 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
$99.1K $27.00/SF
− Vacancy
−$7.5K −$2.05/SF
EGI
$91.6K $24.95/SF
− OpEx
−$27.5K −$7.48/SF
NOI
$64.1K $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%
$1,282,180
Cap Rate 7%
$915,843
Cap Rate 9%
$712,322
Alternative Uses
Best Use
Multifamily LT 5
$915.8K
$801.4K – $1.07M
NOI $64,109 @ 7.0% cap · market cap 3.66%
Second Best
Apartment 5plus
$843.8K
$738.4K – $984.5K
NOI $59,069 @ 7.0% cap · market cap 3.38%
Theoretical Best
Office A
$1.97M
$1.72M – $2.29M
NOI $137,581 @ 7.0% cap · market cap 7.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,325
Businesses Nearby
Explore this area
Business Placement
Demographics for 90405, CA
27,966
Population
15,726
Households
1.8
Avg Household Size
43
Median Age
70%
College-Educated
96%
High-School Grad
2.8 sq mi
ZIP Area
9,988
Density / Sq Mi
$114,489
Median Household Income
$84,727
Median Earnings
$2,311
Median Rent
$1,940,700
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 - Santa Monica property with a detached front residence, three additional units, enclosed garages, and separate laundry facilities.
Where is this quadplex located?
The property is located at 2210 24th St Santa Monica, CA.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Four‑unit configuration: 2‑bedroom, 2‑bath front home plus 2‑bedroom and two 1‑bedroom units; Five enclosed garages, with garage access assigned among the front residence and middle‑yard unit; Separate rear laundry room with building‑owned, non‑coin‑operated washer and dryer
