Mid-Century Multifamily with
2648-2662 23rd Street Santa Monica, CA 90405
2648-2662 23rd Street, Santa Monica, CA, 90405
Contact for pricing
For Sale
Contact for pricing
Eight-unit mid-century building on a corner lot with individual meters, six 1-car garages, and a carport.
Property Size6,294 SF
Price / SF$508.42
Days on Market9
Property Features for 2648-2662 23rd Street
General Information
- Standard status
- Active
- Size
- 6,294 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1949
Listing Agency
Lambert Investments, Inc
(310) 720-9299
Listed by
Francyne Lambert · License #00827267
Source
Crexi
Added: Jul 9 Checked: Jul 16 at 12:39 pm
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.
This mid-century modern multifamily property consists of eight residential units built in 1949, totaling a mix of four 2-bedroom/1-bath units and four 1-bedroom/1-bath units. The building includes six 1-car garages and one carport. Units are individually metered and have installed gas shutoff valves, with each unit also having its own water heater. Exterior features include a back door for each unit, along with generous closet space and floor plans.
Property improvements include a brand-new roof and gutters, copper plumbing, and a waterproof deck over the garages. The grounds feature designed landscaping with irrigation and a timer, enclosed by a redwood perimeter fence with two gates. Seven of the eight units have been upgraded with SPC flooring, faux wood blinds, kitchen cabinets, new countertops, and gas stoves.
Drive by only; do not disturb tenants.
Property improvements include a brand-new roof and gutters, copper plumbing, and a waterproof deck over the garages. The grounds feature designed landscaping with irrigation and a timer, enclosed by a redwood perimeter fence with two gates. Seven of the eight units have been upgraded with SPC flooring, faux wood blinds, kitchen cabinets, new countertops, and gas stoves.
Drive by only; do not disturb tenants.
Key Highlights
- 8‑unit multifamily built in 1949 on a 9,283 SF corner lot with approx. 6,294 SF of building area
- Unit mix: four 2BD/1BA units and four 1BD/1BA units
- Parking included: six 1‑car garages plus one carport
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 | $200.1k | $31.80 |
| − Vacancy | −$16.0k | −$2.54 |
| EGI | $184.1k | $29.26 |
| − OpEx | −$82.9k | −$13.17 |
| NOI | $101.3k | $16.09 |
6,294 SF · lease $31.80/SF/yr · vacancy 8.00% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Eight-unit mid-century building on a corner lot with individual meters, six 1-car garages, and a carport.
Where is this apartment building located?
The property is located at 2648-2662 23rd Street 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 multifamily built in 1949 on a 9,283 SF corner lot with approx. 6,294 SF of building area; Unit mix: four 2BD/1BA units and four 1BD/1BA units; Parking included: six 1‑car garages plus one carport
