Mid-Century Multifamily with
For Sale
Contact for pricing
2648-2662 23rd Street, Santa Monica, CA 90405
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 Market57
Property Features for 2648-2662 23rd Street
General Information
Standard status
Active
Size
6,294 SF
Total Parking Spaces
7
Property subtype
Multifamily
Zoning
SMR 2
Net Operating Income
$177,533
Building Details
Year Built
1949
Buildings
1
Units
8
Listing Agency:
Lambert Investments, Inc
Listed By:
Francyne Lambert · License #00827267
(310) 720-9299
Source:
Crexi
Added: Jul 9
Changed: Aug 28
Last Checked: Sep 2 at 4:13AM
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
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
Current Use
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
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Frequently Asked Questions
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
