Courtyard Apartment
For Sale
$7,750,000
440 Raymond Ave, Santa Monica, CA 90405
Renovated residences, infrastructure upgrades, and a coastal Santa Monica setting define this established multifamily property.
Property Size15,820 SF
Days on Market51
Property Features for 440 Raymond Ave
General Information
Standard status
Active
Size
15,820 SF
Property subtype
MULTI_FAMILY
Additional Details
Highway Access
Yes
Multifamily Units
20
Building Details
Building Size
15,820 SF
Year Built
1969
Listing Agency:
Realty Investment Advisors, Inc.
Listed By:
Don Favia · License #01841258
Source:
Rochellemaize
Added: Jun 16
Changed: Aug 3
Last Checked: Aug 5 at 4:18AM
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 Realty Investment Advisors, Inc.
Investment Insights
Based on property information with market context.
Built in 1969, this 20-unit apartment property uses a courtyard-style design and has received substantial improvements over the current ownership period. Work includes a complete copper plumbing repipe, newer above-grade sewer pipes, seismic retrofit measures, security enhancements, and updates to shared areas. Fifteen of the 20 residences feature renovated kitchens and bathrooms with quartz countertops, upgraded cabinetry, wood flooring, ceramic tile, crown molding, LED lighting, and updated appliances. Additional unit renovations can continue as residences turn over.
The property is located in Santa Monica’s Ocean Park neighborhood, approximately five blocks from the Pacific Ocean. Main Street provides restaurants, cafés, boutiques, fitness studios, and neighborhood retail nearby, while the Santa Monica Farmers Market, Santa Monica Pier, Abbot Kinney, Third Street Promenade, and the beach bike path are also within the surrounding area. Access to Lincoln Boulevard, Pacific Coast Highway, and the I-10 Freeway connects the property with Santa Monica, Venice, Playa Vista, Marina del Rey, and Culver City.
The property is located in Santa Monica’s Ocean Park neighborhood, approximately five blocks from the Pacific Ocean. Main Street provides restaurants, cafés, boutiques, fitness studios, and neighborhood retail nearby, while the Santa Monica Farmers Market, Santa Monica Pier, Abbot Kinney, Third Street Promenade, and the beach bike path are also within the surrounding area. Access to Lincoln Boulevard, Pacific Coast Highway, and the I-10 Freeway connects the property with Santa Monica, Venice, Playa Vista, Marina del Rey, and Culver City.
Key Highlights
- 20‑unit courtyard‑style apartment property in Ocean Park
- 15 of 20 units renovated with updated kitchens, bathrooms, and appliances
- Complete copper plumbing repipe and newer above‑grade sewer pipes
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 | $503.1k | $31.80 |
| − Vacancy | −$40.2k | −$2.54 |
| EGI | $462.8k | $29.26 |
| − OpEx | −$208.3k | −$13.17 |
| NOI | $254.6k | $16.09 |
15,820 SF · lease $31.80/SF/yr · vacancy 8.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$3.64M
$3.18M – $4.24M
NOI $254,556 @ 7.0% cap · market cap 3.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.47M
$7.41M – $9.88M
NOI $592,898 @ 7.0% cap · market cap 7.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
20
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,232
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Renovated residences, infrastructure upgrades, and a coastal Santa Monica setting define this established multifamily property.
Where is this apartment building located?
The property is located at 440 Raymond Ave Santa Monica, CA.
What is the asking price?
The asking price for this property is $7,750,000.
What are key features of this property?
This property features: 20‑unit courtyard‑style apartment property in Ocean Park; 15 of 20 units renovated with updated kitchens, bathrooms, and appliances; Complete copper plumbing repipe and newer above‑grade sewer pipes
