Apartment Building With Approved
For Sale
$2,495,000
914 18th St, Santa Monica, CA 90403
RTI-approved redevelopment combines existing bungalow residences with planned additions and a studio ADU above the garage.
Property Size5,100 SF
Days on Market9
Property Features for 914 18th St
General Information
Standard status
Active
Size
5,100 SF
Property subtype
MULTI_FAMILY
Units
Unit Mix
1 x 1BR, 3 x 2BR
Multifamily Units
4
Building Details
Building Size
5,100 SF
Year Built
1927
Construction
bungalow-style
Listing Agency:
Rodeo Realty
(310) 724-7100
Listed By:
Jimmy Heckenberg · License #01910100
Source:
Evecap
Added: Aug 4
Changed: Aug 9
Last Checked: Aug 11 at 1:13PM
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 Rodeo Realty
Investment Insights
Based on property information with market context.
This Santa Monica apartment property includes four bungalow-style residences arranged around a central courtyard and garden. The existing unit mix consists of one one-bedroom residence and three two-bedroom residences. The site was built in 1927 and has stamped, RTI-approved plans for a seven-unit configuration.
The approved redevelopment retains and renovates the existing homes while adding three residences: a courtyard duplex and a studio ADU positioned above the garage. The plans create a cohesive apartment property that combines the existing bungalow layout with new residential construction. Located at 914 18th St in Santa Monica, the property offers a defined redevelopment plan with approvals already in place.
The approved redevelopment retains and renovates the existing homes while adding three residences: a courtyard duplex and a studio ADU positioned above the garage. The plans create a cohesive apartment property that combines the existing bungalow layout with new residential construction. Located at 914 18th St in Santa Monica, the property offers a defined redevelopment plan with approvals already in place.
Key Highlights
- RTI‑approved plans for a 7‑unit apartment property
- Existing 4‑residence bungalow courtyard arrangement
- Current unit mix: one one‑bedroom and three two‑bedrooms
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
$82,063
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
3.29%
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%
$1,641,260
$1.6M
Cap Rate 7%
$1,172,329
$1.2M
Cap Rate 9%
$911,811
$911.8K
Market Conditions
NOI Build-Up for 5,100 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
$162.2K $31.80/SF
− Vacancy
−$13.0K −$2.54/SF
EGI
$149.2K $29.26/SF
− OpEx
−$67.1K −$13.17/SF
NOI
$82.1K $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%
$1,641,260
Cap Rate 7%
$1,172,329
Cap Rate 9%
$911,811
Alternative Uses
Best Use
Apartment 5plus
$1.17M
$1.03M – $1.37M
NOI $82,063 @ 7.0% cap · market cap 3.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.73M
$2.39M – $3.19M
NOI $191,136 @ 7.0% cap · market cap 7.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
7,737
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 - RTI-approved redevelopment combines existing bungalow residences with planned additions and a studio ADU above the garage.
Where is this apartment building located?
The property is located at 914 18th St Santa Monica, CA.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: RTI‑approved plans for a 7‑unit apartment property; Existing 4‑residence bungalow courtyard arrangement; Current unit mix: one one‑bedroom and three two‑bedrooms
