4-Unit Quadplex with
New
For Sale
$1,850,000
2447 Chelsea Pl, Santa Monica, CA 90404
Residential income property with covered carports, shared laundry, and a communal patio area.
Property Size4,255 SF
Days on Market4
Property Features for 2447 Chelsea Pl
General Information
Standard status
Active
Size
4,255 SF
Total Parking Spaces
4
Property subtype
MULTI_FAMILY
Units
Unit Mix
3 x 2BR/2BA, 1 x 1BR/1BA
Multifamily Units
4
Amenities
private balconies
community laundry facilities
patio area
Building Details
Building Size
4,255 SF
Year Built
1965
Listing Agency:
Element RE, Inc
Listed By:
Keri White · License #01491049
Source:
Evecap
Added: Sep 3
Changed: Sep 5
Last Checked: Sep 6 at 11:32AM
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 Element RE, Inc
Investment Insights
Based on property information with market context.
Located at 2447 Chelsea Place in Santa Monica, this 4,255-square-foot quadplex was built in 1965 and contains four residential units. The configuration includes three two-bedroom, two-bath residences and one one-bedroom, one-bath residence. Two units are positioned on the upper level and include private balconies, while the remaining residences are on the lower level.
Each unit has an assigned covered carport. Residents also have access to community laundry facilities and a shared patio area. The Santa Monica setting places the property near beaches, parks, shopping, dining, entertainment, and employment destinations identified in the property information.
Each unit has an assigned covered carport. Residents also have access to community laundry facilities and a shared patio area. The Santa Monica setting places the property near beaches, parks, shopping, dining, entertainment, and employment destinations identified in the property information.
Key Highlights
- Four residential units: three 2‑bedroom, 2‑bath residences and one 1‑bedroom, 1‑bath residence
- 4,255 SF quadplex built in 1965
- Two upper‑level units include private balconies
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
$74,308
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
4.02%
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%
$1,486,160
$1.5M
Cap Rate 7%
$1,061,543
$1.1M
Cap Rate 9%
$825,644
$825.6K
Market Conditions
NOI Build-Up for 4,255 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
$114.9K $27.00/SF
− Vacancy
−$8.7K −$2.05/SF
EGI
$106.2K $24.95/SF
− OpEx
−$31.8K −$7.48/SF
NOI
$74.3K $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%
$1,486,160
Cap Rate 7%
$1,061,543
Cap Rate 9%
$825,644
Alternative Uses
Best Use
Multifamily LT 5
$1.06M
$928.9K – $1.24M
NOI $74,308 @ 7.0% cap · market cap 4.02%
Second Best
Apartment 5plus
$978.1K
$855.8K – $1.14M
NOI $68,466 @ 7.0% cap · market cap 3.70%
Theoretical Best
Office A
$2.28M
$1.99M – $2.66M
NOI $159,468 @ 7.0% cap · market cap 8.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
8,061
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 - Residential income property with covered carports, shared laundry, and a communal patio area.
Where is this quadplex located?
The property is located at 2447 Chelsea Pl Santa Monica, CA.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Four residential units: three 2‑bedroom, 2‑bath residences and one 1‑bedroom, 1‑bath residence; 4,255 SF quadplex built in 1965; Two upper‑level units include private balconies
