15-Unit Apartment
2318 16TH Street, Santa Monica, CA 90405
Built in 1977, this 15-unit Santa Monica property offers a 2- and 3-bedroom mix suited to space-conscious renters.
Type:Multi-family
Property size:
17,671 SFPrice / SF:
$280/SF- Added:
- May 20, 2026
- Days on Market:
- 17
- Last Refresh:
- Jun 5 at 1:49 am
Property Features for 2318 16TH Street
General Information
- Standard status
- Active
- Size
- 17,671 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1977
Listing office Remax Commercial and Investment Realty
Listing date May 20, 2026
Source Sevengables
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 Remax Commercial and Investment Realty
HighLights
- 15‑unit multifamily property in Santa Monica, built in 1977
- Unit mix includes 12 two‑bedroom/two‑bath units and 3 three‑bedroom/two‑bath units
- Property designed around larger unit sizes with generously sized kitchens and bathrooms
- Located in the Sunset Park neighborhood of Santa Monica, near Main Street and Santa Monica Beach
- Close to Santa Monica High School and the surrounding Westside hubs of Venice and Mar Vista
Overview
Offered as part of a rare six-property portfolio, this 15-unit apartment building at 2318 16th Street was built in 1977 by the seller’s family. The property features a low-density configuration with 12 two-bedroom, two-bath units and 3 three-bedroom, two-bath units. The units are described as having floor plans designed for comfortable living, including generously sized kitchens and bathrooms, with natural light throughout.
Located in Santa Monica’s Sunset Park neighborhood, the area is characterized in the remarks as having quiet residential streets and a strong community feel. The property is described as minutes from Main Street and close to Santa Monica Beach, with access to ocean, bike paths, and coastal lifestyle amenities. The surrounding area also provides access to nearby Westside destinations including Venice and Mar Vista, and it is noted that Santa Monica High School is in proximity.
With an emphasis on larger unit sizes and a predominantly two-bedroom and two-bath configuration, this building may appeal to tenants seeking additional space, such as families, roommates, and work-from-home setups. For buyers looking to acquire a stabilized residential income asset with a consistent unit mix, the property’s 15-unit scale offers straightforward operational management for a straightforward rental footprint.
Located in Santa Monica’s Sunset Park neighborhood, the area is characterized in the remarks as having quiet residential streets and a strong community feel. The property is described as minutes from Main Street and close to Santa Monica Beach, with access to ocean, bike paths, and coastal lifestyle amenities. The surrounding area also provides access to nearby Westside destinations including Venice and Mar Vista, and it is noted that Santa Monica High School is in proximity.
With an emphasis on larger unit sizes and a predominantly two-bedroom and two-bath configuration, this building may appeal to tenants seeking additional space, such as families, roommates, and work-from-home setups. For buyers looking to acquire a stabilized residential income asset with a consistent unit mix, the property’s 15-unit scale offers straightforward operational management for a straightforward rental footprint.
Local Financial Insights For Apartment 5plus
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 | $561.9k | $31.80 |
| − Vacancy | −$45.0k | −$2.54 |
| EGI | $517.0k | $29.26 |
| − OpEx | −$232.6k | −$13.17 |
| NOI | $284.3k | $16.09 |
17,671 SF · lease $31.80/SF/yr · vacancy 8.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$4.06M
$3.55M – $4.74M
NOI $284,341 @ 7.0% cap · market cap 5.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.46M
$8.28M – $11.04M
NOI $662,269 @ 7.0% cap · market cap 13.38%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Best Star Moving ...
Moving Company
Location Insight
- Map
- Local Demand
- City
- Santa Monica
- County
- Los Angeles
- State
- California
- Longitude
- -118.4714447
- Latitude
- 34.0135129
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Built in 1977, this 15-unit Santa Monica property offers a 2- and 3-bedroom mix suited to space-conscious renters.
Where is this apartment building located?
The property is located at 2318 16TH Street Santa Monica, CA.
What is the asking price?
The asking price for this property is $4,950,000.
What are key features of this property?
This property features: 15‑unit multifamily property in Santa Monica, built in 1977; Unit mix includes 12 two‑bedroom/two‑bath units and 3 three‑bedroom/two‑bath units; Property designed around larger unit sizes with generously sized kitchens and bathrooms
