10-Unit Apartment
For Sale
$4,075,000
848 5th Street, Santa Monica, CA 90403
Two-building multifamily property with renovated residences, dedicated laundry, landscaped common areas, and on-site parking.
Property Size7,192 SF
Lot Size0.17 Acres
Price / SF$566.60
Days on Market50
Property Features for 848 5th Street
General Information
Standard status
Active
Size
7,192 SF
Total Parking Spaces
12
Lot size
0.17 Acres
Property subtype
Apartment
Net Operating Income
$225,450
Site & Location
Neighborhood
Wilshire
Road Access
Yes
Units
Unit Mix
3 x studio, 6 x 1BR, 1 x 3BR/3BA
Multifamily Units
10
Parking per Unit
1.2
Additional Details
Cap Rate
5.53%
Amenities
laundry room
landscaped common areas
Building Details
Building Size
7,192 SF
Year Built
1956
Buildings
2
Listing Agency:
Equity Union
Listed By:
Raymond Rodriguez · License #01402283
(866) 582-7865
Source:
Velocityrealtysd
Added: Sep 18
Changed: Nov 5
Last Checked: Nov 4 at 10:10PM
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 Equity Union
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Investment Insights
Based on property information with market context.
Built in 1956, this two-building apartment property contains 7,192 square feet on an approximately 7,492-square-foot lot. The unit mix includes three studios, six one-bedroom apartments, and one three-bedroom, three-bath residence. Six of the 10 units have been renovated, including three completed since 2024. Improvements include a roof overlay finished in early 2024, Vulkem deck work from 2023, exterior painting, and staircase upgrades. Select apartments feature refreshed kitchens and baths, stainless steel appliances, hardwood-style flooring, exposed-beam ceilings, and outdoor space. The property also includes a dedicated laundry room, landscaped common areas, and 12 parking spaces: seven subterranean stalls and five rear alley garage spaces.
Located at 848 5th Street in Santa Monica’s Wilshire-Montana neighborhood, the property is approximately one block south of Montana Avenue. Restaurants, retailers, cafes, boutiques, services, Palisades Park, the Santa Monica coastline, Downtown Santa Monica, Third Street Promenade, and Santa Monica Place are nearby. The area records a 95 Bike Score and an 84 Walk Score.
Located at 848 5th Street in Santa Monica’s Wilshire-Montana neighborhood, the property is approximately one block south of Montana Avenue. Restaurants, retailers, cafes, boutiques, services, Palisades Park, the Santa Monica coastline, Downtown Santa Monica, Third Street Promenade, and Santa Monica Place are nearby. The area records a 95 Bike Score and an 84 Walk Score.
Key Highlights
- 10‑unit multifamily property with three studios, six one‑bedroom units, and one three‑bedroom, three‑bath unit
- 7,192 square feet on an approximately 7,492‑square‑foot lot; built in 1956
- Six of 10 units renovated, including three remodeled since 2024
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$115,725
Cap Rate
2.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,314,500
$2.3M
Cap Rate 7%
$1,653,214
$1.7M
Cap Rate 9%
$1,285,833
$1.3M
Market Conditions
NOI Build-Up for 7,192 SF
Gross rent
$228.7K $31.80/SF
− Vacancy
−$18.3K −$2.54/SF
EGI
$210.4K $29.26/SF
− OpEx
−$94.7K −$13.17/SF
NOI
$115.7K $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 Rate 5%
$2,314,500
Cap Rate 7%
$1,653,214
Cap Rate 9%
$1,285,833
Alternative Uses
Best Use
Apartment 5plus
$1.65M
$1.45M – $1.93M
NOI $115,725 @ 7.0% cap · market cap 2.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.85M
$3.37M – $4.49M
NOI $269,540 @ 7.0% cap · market cap 6.61%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
10
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
5,738
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Two-building multifamily property with renovated residences, dedicated laundry, landscaped common areas, and on-site parking.
Where is this apartment building located?
The property is located at 848 5th Street Santa Monica, CA.
What is the asking price?
The asking price for this property is $4,075,000.
What are key features of this property?
This property features: 10‑unit multifamily property with three studios, six one‑bedroom units, and one three‑bedroom, three‑bath unit; 7,192 square feet on an approximately 7,492‑square‑foot lot; built in 1956; Six of 10 units renovated, including three remodeled since 2024
