8-Unit Mixed-Use
For Sale
$6,749,000
2216 Main St Unit 8, Santa Monica, CA 90405
Seven residences and a street-level retail suite are complemented by private outdoor areas and on-site parking.
Property Size14,037 SF
Price / SF$480.80
Days on Market45
Property Features for 2216 Main St Unit 8
General Information
Standard status
Active
Size
14,037 SF
Property subtype
Residential Income
Building Details
Year Built
2007
Listing Agency:
Berkshire Hathaway HomeServices California Properties
(310) 892-2244
Listed By:
Lee Johnson · License #01259992
Source:
Propertyinpalmsprings
Added: Jul 18
Changed: Aug 30
Last Checked: Aug 30 at 4:19PM
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 Berkshire Hathaway HomeServices California Properties
Investment Insights
Based on property information with market context.
This 8-unit mixed-use property at 2216 Main St in Santa Monica includes seven residential units and one street-facing retail space. Six of the residences are 1-bedroom units ranging from approximately 659 to 842 rentable square feet, with private outdoor areas measuring 48 to 237 square feet. The townhouse-style owner’s unit offers approximately 2,550 rentable square feet, three bedrooms, two and a half baths, and 1,200 square feet of private outdoor space, including a rooftop deck with ocean views.
The approximately 434-square-foot retail suite has Main Street frontage and is positioned one block from the beach, near shops, restaurants, and cafes. Sixteen on-site parking spaces serve the property. Built in 2007, the asset combines residential and retail components in a coastal Santa Monica setting.
The approximately 434-square-foot retail suite has Main Street frontage and is positioned one block from the beach, near shops, restaurants, and cafes. Sixteen on-site parking spaces serve the property. Built in 2007, the asset combines residential and retail components in a coastal Santa Monica setting.
Key Highlights
- 8‑unit configuration with 7 residential units and 1 street‑facing retail space
- Six 1‑bedroom residences range from approximately 659 to 842 rentable SF
- Owner’s unit measures approximately 2,550 rentable SF with 3 bedrooms and 2.5 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
$310,563
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
4.60%
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%
$6,211,260
$6.2M
Cap Rate 7%
$4,436,614
$4.4M
Cap Rate 9%
$3,450,700
$3.5M
Market Conditions
NOI Build-Up for 14,037 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
$475.0K $33.84/SF
− Vacancy
−$31.4K −$2.23/SF
EGI
$443.7K $31.61/SF
− OpEx
−$133.1K −$9.48/SF
NOI
$310.6K $22.12/SF
Area
Los Angeles County, CA
Vacancy
6.60%
Lease Rate
$33.84 /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%
$6,211,260
Cap Rate 7%
$4,436,614
Cap Rate 9%
$3,450,700
Alternative Uses
Best Use
Retail
$4.44M
$3.88M – $5.18M
NOI $310,563 @ 7.0% cap · market cap 4.60%
Second Best
Mixed Use
$4.06M
$3.55M – $4.74M
NOI $284,249 @ 7.0% cap · market cap 4.21%
Theoretical Best
Office A
$7.52M
$6.58M – $8.77M
NOI $526,075 @ 7.0% cap · market cap 7.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,488
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?
Mixed-use property - Seven residences and a street-level retail suite are complemented by private outdoor areas and on-site parking.
Where is this mixed-use property located?
The property is located at 2216 Main St Unit 8 Santa Monica, CA.
What is the asking price?
The asking price for this property is $6,749,000.
What are key features of this property?
This property features: 8‑unit configuration with 7 residential units and 1 street‑facing retail space; Six 1‑bedroom residences range from approximately 659 to 842 rentable SF; Owner’s unit measures approximately 2,550 rentable SF with 3 bedrooms and 2.5 baths
