Six-Unit Apartment
New
For Sale
$4,895,000
828 16th St, Santa Monica, CA 90403
Residential Income, Santa Monica, CA
Property Size9,700 SF
Lot Size0.17 Acres
Price / SF$504.64
Days on Market1
Property Features for 828 16th St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
SMR2*
Bedrooms
12
Bathrooms
14
Full bathrooms
13
Rooms
Bedroom 8, Bedroom 9, Bathroom 2, Bathroom 13, Laundry Room, Bathroom 6, Bathroom 12, Bedroom 7, Bathroom 10, Bedroom 2, Bedroom 1, Bathroom 7, Bedroom 6, Bedroom 4, Bedroom 3, Bedroom 11, Bathroom 9, Bathroom 1, Bathroom 3, Bathroom 11, Bedroom 12, Bathroom 14, Bedroom 5, Bedroom 10, Bathroom 5, Bathroom 4, Bathroom 8
Parking
9
Parking features
Assigned, Garage
Directions
From Wilshire Blvd: Turn north onto 16th St; property is on the right side of the street before Montana Ave.
Subdivision
Santa Monica
Standard status
Active
APN
4281-008-006
Size
9,700 SF
Lot size
0.17 Acres
Utilities
Cooling system
Window Unit(s)
Building Details
Year built
1970
Floors in Building
2
Number of units
6
Listing Agency:
Compass
(310) 230-5478
Listed By:
Sally Forster Jones · License #00558939
(310) 579-2200
Added: Aug 31
Last Checked: Aug 31 at 11:06PM
MLS# 26873441
Copyright © 2026 The MLS/CLAW. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This six-unit apartment property contains 9,700 square feet on a 0.1724-acre lot and was built in 1970. The front residence spans three levels with three bedrooms, 3.5 bathrooms, a bonus room, private laundry, and a four-car garage. Its kitchen, dining area, and side patio create a distinct residential layout. Five additional units include a combination of single-level and townhouse floor plans, with a one-car garage assigned to each. Three units, including the front residence, are scheduled for delivery vacant upon close of escrow.
The property is located at 828 16th St in Santa Monica, just south of Montana Avenue, and is zoned SMR2*. Cooling is provided by window units.
The property is located at 828 16th St in Santa Monica, just south of Montana Avenue, and is zoned SMR2*. Cooling is provided by window units.
Key Highlights
- Six‑unit apartment property with 9,700 square feet on a 0.1724‑acre lot
- Three units, including the front residence, are scheduled for delivery vacant upon close of escrow
- Front residence spans three levels with 3 bedrooms, 3.5 bathrooms, and a bonus room
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
$156,081
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
3.19%
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%
$3,121,620
$3.1M
Cap Rate 7%
$2,229,729
$2.2M
Cap Rate 9%
$1,734,233
$1.7M
Market Conditions
NOI Build-Up for 9,700 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
$308.5K $31.80/SF
− Vacancy
−$24.7K −$2.54/SF
EGI
$283.8K $29.26/SF
− OpEx
−$127.7K −$13.17/SF
NOI
$156.1K $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%
$3,121,620
Cap Rate 7%
$2,229,729
Cap Rate 9%
$1,734,233
Alternative Uses
Best Use
Apartment 5plus
$2.23M
$1.95M – $2.60M
NOI $156,081 @ 7.0% cap · market cap 3.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.19M
$4.54M – $6.06M
NOI $363,534 @ 7.0% cap · market cap 7.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
4,133
Businesses Nearby
Explore this area
Business Placement
Demographics for 90403, CA
25,278
Population
14,853
Households
1.7
Avg Household Size
42
Median Age
72%
College-Educated
96%
High-School Grad
1.4 sq mi
ZIP Area
18,056
Density / Sq Mi
$121,512
Median Household Income
$82,557
Median Earnings
$2,443
Median Rent
$1,553,500
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?
Apartment building - The three-level front residence includes a bonus room, private laundry, and four-car garage.
Where is this apartment building located?
The property is located at 828 16th St Santa Monica, CA.
What is the asking price?
The asking price for this property is $4,895,000.
What are key features of this property?
This property features: Six‑unit apartment property with 9,700 square feet on a 0.1724‑acre lot; Three units, including the front residence, are scheduled for delivery vacant upon close of escrow; Front residence spans three levels with 3 bedrooms, 3.5 bathrooms, and a bonus room
