Updated 8-Unit Apartment
New
For Sale
$3,200,000
2648 23rd St, Santa Monica, CA 90405
Individually metered apartments feature private water heaters, spacious layouts, and interior upgrades in most units.
Property Size6,294 SF
Lot Size0.21 Acres
Price / SF$508.42
Days on Market5
Property Features for 2648 23rd St
General Information
Standard status
Active
Size
6,294 SF
Total Parking Spaces
7
Lot size
0.21 Acres
Property subtype
MULTI_FAMILY
Units
Unit Mix
4 x 2BR/1BA, 4 x 1BR/1BA
Multifamily Units
8
Amenities
deck
landscaping
fence
Building Details
Building Size
6,294 SF
Year Built
1949
Construction
Mid Century Modern
Listing Agency:
Lambert Investments, Inc.
(310) 720-9299
Listed By:
Francyne Lambert · License #00827267
Source:
Evecap
Added: Aug 10
Changed: Aug 14
Last Checked: Aug 14 at 4:42AM
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 Lambert Investments, Inc.
Investment Insights
Based on property information with market context.
The 8-unit apartment building at 2648 23rd St. was constructed in 1949 and contains approximately 6,294 square feet on a 9,283-square-foot corner lot. The unit mix includes four 2-bedroom/1-bath residences and four 1-bedroom/1-bath residences. Six units have individual garages, and the property also includes one carport.
Each residence has a separate water heater, back-door access, generous floor plans, and substantial closet storage. Seven units have received improvements including SPC flooring, faux wood blinds, updated kitchen cabinetry, new countertops, and gas stoves. Additional property work includes a new roof and gutters, copper plumbing, gas shutoff valves, a waterproof garage-top deck, and irrigated landscaping enclosed by a redwood fence with two gates. The property is individually metered and does not require seismic retrofitting.
Located in Santa Monica’s Sunset Park neighborhood, the property combines an established multifamily configuration with documented building and unit improvements.
Each residence has a separate water heater, back-door access, generous floor plans, and substantial closet storage. Seven units have received improvements including SPC flooring, faux wood blinds, updated kitchen cabinetry, new countertops, and gas stoves. Additional property work includes a new roof and gutters, copper plumbing, gas shutoff valves, a waterproof garage-top deck, and irrigated landscaping enclosed by a redwood fence with two gates. The property is individually metered and does not require seismic retrofitting.
Located in Santa Monica’s Sunset Park neighborhood, the property combines an established multifamily configuration with documented building and unit improvements.
Key Highlights
- 8‑unit apartment building with approximately 6,294 square feet on a 9,283‑square‑foot corner lot
- Unit mix consists of four 2‑bedroom/1‑bath units and four 1‑bedroom/1‑bath units
- Six 1‑car garages plus one carport
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
$101,275
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
3.16%
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%
$2,025,500
$2.0M
Cap Rate 7%
$1,446,786
$1.4M
Cap Rate 9%
$1,125,278
$1.1M
Market Conditions
NOI Build-Up for 6,294 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
$200.1K $31.80/SF
− Vacancy
−$16.0K −$2.54/SF
EGI
$184.1K $29.26/SF
− OpEx
−$82.9K −$13.17/SF
NOI
$101.3K $16.09/SF
Area
Los Angeles County, CA
Vacancy
8.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
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%
$2,025,500
Cap Rate 7%
$1,446,786
Cap Rate 9%
$1,125,278
Alternative Uses
Best Use
Apartment 5plus
$1.45M
$1.27M – $1.69M
NOI $101,275 @ 7.0% cap · market cap 3.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.37M
$2.95M – $3.93M
NOI $235,885 @ 7.0% cap · market cap 7.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,967
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Individually metered apartments feature private water heaters, spacious layouts, and interior upgrades in most units.
Where is this apartment building located?
The property is located at 2648 23rd St Santa Monica, CA.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: 8‑unit apartment building with approximately 6,294 square feet on a 9,283‑square‑foot corner lot; Unit mix consists of four 2‑bedroom/1‑bath units and four 1‑bedroom/1‑bath units; Six 1‑car garages plus one carport
